Dry CargoEurope

Bulk Invest has just ‘a few weeks’ left

Bulk Invest, the Norwegian owner formerly known as Western Bulk, has said a new financial agreement must be hammered out with its creditors “within a few weeks” if it is to survive. In its latest quartertly results released yesterday, the firm said its long-term chartered in ships are operating at a loss and that its future is “highly dependent” on negotiating lower charter rates and sealing a deal with creditors.

If “no solution is achieved, [Bulk Invest] will most likely not be able to continue its business,” the company said in a statement, adding that any new arrangement needs to be concluded “within a few weeks,” the firm said.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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