Monday at a Glance: Drama Surrounding the Rickmers Bankruptcy and Delivery Services in Overdrive

The green, white, and red three-masted ship “Rickmer Rickmers” lies majestically at the Landungsbrücken; just this morning, on my way to the newsroom, I cycled past this Hamburg landmark once again. But the name Rickmers also stands for a different, less glamorous story. For years, an unprecedented insolvency drama has been raging around Rickmers Holding—one that, however, has largely played out away from the public eye. The Hamburg-based shipping family is fighting to salvage its reputation, while the heirs of the late company patriarch Bertram Rickmers and insolvency administrator Jens-Sören Schröder (63) are bombarding each other with expert reports. The 2017 bankruptcy cost creditors hundreds of millions; they’re still waiting for their money.

My colleague Claas Tatje has pored over expert reports, correspondence with the court, internal emails, and creditor lists to untangle the various threads of the story. While it initially appeared that Bertram Rickmers—known for his extravagant lifestyle—was to blame for the bankruptcy (and had even enriched himself beforehand), investigations later turned to possible errors by the financing bank and, now, the insolvency administrator as well. Claas’s detailed research sheds light on a convoluted saga full of twists and turns, the final chapter of which has yet to be written.

A Dispute Over Millions: Insolvency administrator Jens-Sören Schröder (left) first clashed with Bertram Rickmers (right) and is now at odds with his son, Rickmer Clasen

Collage [M]: manager magazin; Photos: Marcelo Hernandez / FUNKE Foto Services / IMAGO, Justus de Cuveland / imageBROKER / picture alliance, Christian Charisius / dpa / picture alliance, Jose Luis Stephens / Adobe Stock

Today’s business news:

• Pharmaceutical company Eli Lilly had scaled back its planned investments in Germany due to the federal government’s cost-cutting measures in the healthcare sector. However, the U.S. pharmaceutical company still intends to open its new facility in Alzey, Rhineland-Palatinate, at the end of next year—albeit on a smaller scale.

• The British financial services provider Revolut is making further progress with its expansion plans on the European mainland. The fintech company has received a banking license in France.

Abbreviation of the Day:

• Melting polar ice is opening up new sea routes between Asia and Europe in the summer. Starting this week, the Chinese shipping company Sea Legend is launching the first container liner service through the Arctic. Instead of 40 days, the voyage will typically take only 20. On the other hand, the risks of the route through the ice fields are enormous. Navigation is considered difficult, and GPS often fails. In addition, container ships can pose a threat to the ecosystem in the far north. On logistics in the age of climate change.

What Will Help You Advance in Your Career:

• Do you want your employees to learn from their mistakes and perform better in the future? Then effective communication is key: Instead of making accusations, nonviolent communication techniques are most likely to help. My colleague Wiebke Harms asked business professor Marc Oliver Opresnik to explain how this works in everyday life. Click here for the interview.

• Hope is different from wishful thinking or optimism. Hope involves goal orientation and conviction. That makes it a key factor for success. How to instill hope and harness its power for your team’s success.

What should I wear?

• If you’re planning a vacation on a yacht, this question is essential. However, there’s another question you absolutely must answer first: namely, whether you really want to go on board, because at sea you face not only unpredictable weather but also cabin fever and plenty of interpersonal friction, warns our columnist Julia Hackober. If you’re truly sure you want to go, Julia has valuable tips on how to look your best on deck. After all, there are few occasions where athleticism, pragmatism, and glamour are as perfectly balanced in fashion as they are on a yacht.

My recommendation for the evening:

Time is money: Bike tuning is widespread in the delivery industry

• Fat bikes are e-bikes with small, thick tires. They’re rapidly gaining popularity in many major cities and are also a favorite among delivery riders. They become a hazard because they can be illegally modified with minimal effort. These souped-up bikes then travel at 45 kilometers per hour instead of the permitted 25. However, if an electric bike travels faster than 25 kilometers per hour without pedal assistance, it is legally classified as an S-Pedelec. This means riders are required to wear helmets and are prohibited from using bike lanes; riders must have a driver’s license and insure their bikes. Riders of these illegally modified speedsters are circumventing these requirements, and accidents are on the rise. My colleague Lutz Reiche describes how working conditions at Lieferando and similar companies are exacerbating the problem—and how it could be curbed.

I wish you a safe ride home and a pleasant evening.
Yours, Claudia Witte

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