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Lithuanian Shipping fleet to be auctioned off

Bankrupt Lithuanian Shipping is to sell its fleet of five small bulk carriers in a court-ordered auction, which will raise 8.4m if all the vessels meet their reserve prices.

Venta (24,200 dwt, built 1995) has a reserve price of €1.9m; Deltuva (16,900 dwt, built 1994) has a reserve of €1.5m; Romuva (17,800 dwt, built 1998) is on at €1.7m; Raguva (16,900 dwt, built 1995) at €1.6m, and Voruta (17,800 dwt, built 1998) at €1.7m.

VesselsValue.com estimates the fleet’s current market value at some €7.7m ($8.35m).

Bankruptcy proceedings commenced against Lithuanian Shipping in December. The company has assets of 31m ($33.6m) and debts of around 22.5m ($24.4m), including 1.54m ($1.7m) owed to employees, the Klaipeda Regional Court was told.

Bankruptcy proceedings against the state-controlled firm were halted in July 2015 when the line’s main creditor, SEB Bank, stepped in with a loan.

Lithuanian Shipping was founded in 1969 and is 56.6% by the government of Lithuania and 40.5% by private shareholders.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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