LSC’s Bulkers Put Up for Auction Again

The state-owned Lithuanian Shipping Company’s (LSC) four bulk carriers have been put up for auction again after the company failed to sell the vessels last month.

Out of the five vessels initially auctioned by the company’s bankruptcy administrator at the beginning of March, LSC managed to sell only one, namely, the 1994-built Deltuva.

The 16,900-dwt vessel was reportedly sold for an amount of EUR 1.7 million, against its initial price of EUR 1.5 million.

Other vessels still up for sale are the 24,000 dwt Venta for EUR 1.9 million, the 17,800 dwt Romuva for EUR 1.7 million, the 16,900 dwt Raguva for EUR 1.6 million and the 17,800 dwt Voruta for EUR 1.7 million.

The second auction is opened until May 2.

As part of the company’s bankruptcy procedure, the LSC’s fleet of five vessels was put up for auction following a ruling from Klaipeda Regional Court.

The Ministry of Transport and Communications of the Republic of Lithuania first applied to the Klaipėda court to initiate LSC’s bankruptcy proceedings in July 2015 due to the company’s ongoing financial troubles, but the application was withdrawn within a week.

Some four months later, in November 2015, the company filed for bankruptcy for the second time.

LSC has been on a losing streak since 2008 as its last reported accumulated loss increased to EUR 20 million.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
30 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 31 1 2 3

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >