Dismal Dry Bulk Market Bankrupts Copenship

Dismal Dry Bulk Market Bankrupts Copenship

Losses in the dry bulk sector triggered by low freight rates have forced Danish shipping company Copenship A/S to file for bankruptcy, Reuters reports.

Copenship A/S, a privately owned company incorporating Copenship Bulkers A/S, Copenship MPP A/S and Copenship Singapore, had managed a fleet of more than fifty chartered small-sized bulkers.

Copenship CEO Michael Fenger told Reuters that several reasons led to the filing including bad dry cargo market, several counterparties that caused losses to the company, and unsettled  insurance claims.

According to the Baltic Exchange, the main sea freight index for dry bulk shipping was 569 this Tuesday, the lowest in almost thirty years.

The vessels Copenship operated on charter agreements will be returned to their owners.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Seawork 2020

Seawork is Europe’s leading commercial marine and workboat exhibition, providing businesses the opportunity…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >