The Curtain Falls on Five Generations of Rickmers

The German shipowner Rickmers Group, established in 1834, is to file for insolvency after its bankers "surprisingly denied" approval of its financial restructuring.

In a statement, Rickmers, which operates a fleet of 114 vessels, including 80 containerships, of which seven 13,100-TEU vessels are on long-term charter to Maersk Line, said it had been "forced to file for insolvency without undue delay."

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