From Reuters via gCaptain:
COPENHAGEN, Feb 4 (Reuters) – Privately-owned shipping company Copenship has filed for bankruptcy in Copenhagen after losses in the dry bulk market, its Chief Executive Michael Fenger told Reuters.
Copenship had been operating over 50 chartered small-sized dry-bulk vessels carrying goods such as grain, iron ore and timber.
“We have done what we could to raise the funds to save the company, but we have reached a point where there is not more to do,” Michael Fenger wrote in a text message to Reuters on Wednesday.
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to its lowest level in nearly three decades on Tuesday, hurt by weaker rates across all four vessel segments.
On Wednesday the index stood at 569, close to the historic low level of 554 set in July 1986.
“First of all, we have found ourselves in an extremely bad dry cargo market. Secondly, there are several counterparties that have caused us losses, and then thirdly there are different insurance cases that could hit us,” Fenger wrote....MORE
