Bankrupt Lithuanian Shipping Company (LSC) has sold two more bulk carriers at auction, which has raised $1.0m more than the vessels’ combined reserve prices.
Voruta (17,800 dwt, built 1998), currently anchored at Las Palmas, Spain, had a reserve price of €1.72m but was sold to the highest bidder for €2.25m.
Similarly, bidding for Romuva (17,800 dwt, built 1998) exceeded its €1.7m reserve and finished at €2.17m. The ship is currently berthed at Klaipeda port in Lithuania.
At the end of March this year, Deltuva (16,900 dwt, built 1994) was sold at auction for €1.75m, just over its €1.5m reserve, but two of LSC’s bulkers failed to sell that month and remain in limbo.
Bidding for Venta (pictured; 24,200 dwt, built 1995) and Raguva (16,900 dwt, built 1995) failed to meet the vessels’ respective reserve prices of €1.9m and €1.6m. Raguva is still in Ceuta, Spain, and Venta is at Klaipeda.
Bankruptcy proceedings commenced against LSC in December. The company has assets of €31m and debts of around €22.5m, including €1.54m owed to employees, the Klaipeda Regional Court was told that month.
LSC was founded in 1969 and is 56.6% by the government of Lithuania and 40.5% by private shareholders.