May 13 - Rickmers Group generated revenues of EUR129.3 million (USD146.74 million) during the first quarter of 2016 - a decline of 7.1 percent year-on-year in comparison with the same period of 2015.

The operating result before interest, taxes and depreciation (EBITDA) fell by 26.8 percent to EUR50.9 million (USD57.76 million); the group's net profit rose to EUR7.5 million, compared to EUR0.7 million (USD8.51 million) in the Q1 2015.  

Rickmers-Linie - the group's breakbulk, heavy lift and project cargo shipping arm - recorded revenues of EUR34 million (USD38.58 million) during Q1 2016, down 15 percent year-on-year, and an EBITDA of -EUR2.1 million (-USD2.38 million), down from EUR1.6 million (USD1.82 million).

According to a company statement, Rickmers Group sees a variety of challenges in the market for 2016. Despite the expected slight improvement in the overall economic situation, charter and freight rates are expected to remain at low levels.

The company expects a decline in revenues due to the deconsolidation of a joint venture for three containerships, weaker spot market charter rates, plus a more significant decrease in the utilisation of capacity in the project cargo segment reflected in the negative quarterly result of Rickmers-Linie.