Lithuanian Shipping Company’s Bulkers on Auction

The bankruptcy administrator of Lithuanian Shipping Company (LSC) has put up the company’s bulker fleet on auction as part of LSC’s bankruptcy procedure.

The move follows a ruling from Klaipeda Regional Court and relates to five vessels.

The ships being sold are 24,000 DWT Venta for EUR 1.9 million, 16,900 DWT Deltuva for 1.5 million, 17,800 DWT Romuva for 1.7 million, 16,900 DWT Raguva for EUR 1.6 million and 17,800 DWT Voruta for 1.7 million.

In December 2015, Klaipeda County Court initiated the enterprise bankruptcy proceedings against Lithuanian Shipping Company amid ongoing financial troubles that plunged the bulker owner and operator deep in debts.

The state-owned company which employs 237 workers has been piling up losses since 2008, and the last reported accumulated loss stood at EUR 20 million. The company’s inability to pay its debts led to several arrests of its vessels by different claimants.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 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 1

Eastern Mediterranean Offshore Conference and Exhibition (EMC) 2020

EMC 2020 conference will arm delegates with technical and commercial knowledge to capitalise…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

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 >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >