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Yangzijiang Shipbuilding Says Unaffected by Rickmers Singapore

March 24 (Bloomberg) -- Yangzijiang Shipbuilding Holdings Ltd., a China-based shipbuilder, said it’s “not affected” by financial difficulties at Rickmers Maritime Singapore as ships ordered by its German parent haven’t been canceled.

“Yangzijiang is not affected by what is happening to Rickmers in Singapore as the orders to Yangzijiang are from Rickmers Holdings GmbH,” the company said in an e-mailed statement. Rickmers Holdings holds 17.5 percent of Rickmers Maritime Singapore, according to Bloomberg data.

Rickmers Singapore’s liabilities “may cast significant doubt on the ability of the trust to continue as a going concern,” PricewaterhouseCoopers told the shareholders of the Singapore-listed shipping trust on March 22. It has existing capital commitments of $780.7 million and bank borrowings of $128.7 million that are due in the next 12 months, the auditor said.

Yangzijiang said today it is building four container ships for Rickmers Holdings. Payments are up to date and the vessels are scheduled for delivery this year and next year, it said.

Yangzijiang slipped 1.7 percent to S$1.16 as of the 12:30 p.m. trading break in Singapore. Rickmers Maritime sank 1.6 percent to 30 Singapore cents, adding to yesterday’s 26 percent slump.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.

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