HAMBURG's box and heavy lift carrier Rickmers has posted first half year-on-year pre-tax profit decline of 95 per cent to EUR1.1 million (US$1.4 million), drawn on revenues of EUR271.7 million, down 5.9 per cent.

The company said it expects no immediate relief, amid ongoing pressure on the shipping market.

Rickmers re-entered the debt market in March and again in May. In March, parent company Rickmers Holding increased its Frankfurt-listed corporate bond by EUR25 million, taking it up to EUR250 million.

In May 2014, Singapore-listed subsidiary Rickmers Maritime issued a S$100 million (US$80.1 million) medium-term note, with a coupon of 8.45 per cent.

Proceeds will go to funding repayments of Rickmers Maritime's secured bank loans, fully prepaying a convertible loan, and financing working capital requirements.

Rickmers Group's overall net financial debt position decreased from EUR1.57 billion as of December 31, 2013 to EUR1.54 billion as of June 30, 2014.

The first two of ten 5,400-TEU widebeam ships were delivered to Rickmers Group's collaboration with Oaktree Capital Management.

At the end of the first-half, Rickmers Group has 103 ships under management, 52 are wholly-owned and 12 belong to the Apollo and Rickmers Group joint venture. Rickmers Group's ships have a book value of EUR2.2 billion.