Lithuanian Shipping Companys Bulkers on Auction

LSC The bankruptcy administrator of Lithuanian Shipping Company (LSC) has put up the companys bulker fleet on auction as part of LSCs 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