HAMBURG-BASED Rickmers Group has filed for bankruptcy, but the leading German ship owner and manager is eyeing fresh moves to ensure its survival, IHS Media reported.

The company said it had submitted an application for insolvency under self-administration to the Hamburg District Court "with the aim of restructuring."

The application was made following leading lender HSH Nordbank's rejected its planned financial restructuring, which applies only to the holding company Rickmers Holding AG, and does not affect its operating businesses - in particular Rickmers Ship Management Hamburg and Singapore - which are operating normally.

"Business and shipping operations are continuing," Rickmers said. "The aim of the executive board is to work out a new restructuring solution together with creditors and making use of the tools of insolvency laws."

Rickmers' bank lenders, bondholders, and its 2,170 workforce are being represented by a temporary committee of creditors.

The company operates a fleet of 114 ships, including 80 container vessels with a total capacity of just under 425,000 TEU. Rickmers owns 21 container ships, including eight 13,600-TEU units, nine multi-purpose vessels, and two car carriers.

The privately-owned company, which was founded in 1834, is said to have amassed debts of nearly EUT1.5 billion (US$1.7 billion), with the bulk owed to HSH Nordbank and Unicredit.

Rickmers posted a loss of EUR341 million in 2016 up from EUR135.5 million in the previous year as it was hard hit by slumping charter rates, particularly for container ships, and lower vessel employment.