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Two of Lithuanian Shipping Co’s bulkers sold at auction

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.

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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