Lithuanian Shipping Company Auctions Off Two Bulkers

Two out of a batch of four bulk carriers owned by the financially-troubled Lithuanian Shipping Company’s (LSC) were sold in the second round of auctions to undisclosed buyers.

Namely, the 17,800 dwt vessels Romuva and Voruta were sold for EUR 2.17 million and EUR 2.25 million, respectively.

The vessels’ initial price was set at EUR 1.72 million each.

Other bulkers still up for sale are the 24,000 dwt Venta for EUR 1.9 million and the 16,900 dwt Raguva for EUR 1.6 million.

LSC’s bankruptcy administrator has put up the company’s bulker fleet on auction as part of LSC’s bankruptcy procedure.

The move, which is related to a total of five vessels, follows a ruling from Klaipeda Regional Court.

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.

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

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