Murmansk Shipping Company denies bankruptcy claims

Murmansk Shipping Company denies bankruptcy claims

Murmansk Shipping Company has issued a statement denying rumours it is close to bankruptcy.

Last month Splash reported how Gazpromneft Marine Bunker had filed a bankruptcy petition against Murmansk Shipping Company. Earlier this year, global port agent GAC also took the line to court over unpaid dues while last year the ailing shipping firm was involved in another legal tussle with a local miner.

According to the company, it is not in a process of bankruptcy, nor have any applications requesting to declare the company bankrupt been filed to the Murmansk Court of Arbitration.

“The posts stating that Murmansk Shipping Company is undergoing bankruptcy procedures are groundless,” the Russian line said in an update, while adding: “The Board acknowledged that Murmansk Shipping Company like most of the other shipping companies is experiencing certain financial difficulties. Their main reason is the sanctions imposed by the western countries, the general global economic situation, and the consequences of the prolonged crisis in the shipping market.”

The board claimed that since the start of 2018 management has been able to considerably reduce its wages backlog and debts.

Murmansk Shipping Company can trace its roots back to 1939. It was privatised after the collapse of the Soviet Union in the 1990s. Today it operates a fleet of 20 ships, mainly bulkers. The company has struggled to find business in recent years as new entrants have come on the scene.

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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