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LSC’s bankruptcy proceedings in July 2015 due to the company’s ongoing financial troubles, but the application was withdrawn within a week.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

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