Dismal Dry Bulk Market Bankrupts Copenship
Losses in the dry bulk sector triggered by low freight rates have forced Danish shipping company Copenship A/S to file for bankruptcy, Reuters reports.
Copenship A/S, a privately owned company incorporating Copenship Bulkers A/S, Copenship MPP A/S and Copenship Singapore, had managed a fleet of more than fifty chartered small-sized bulkers.
Copenship CEO Michael Fenger told Reuters that several reasons led to the filing including bad dry cargo market, several counterparties that caused losses to the company, and unsettled insurance claims.
According to the Baltic Exchange, the main sea freight index for dry bulk shipping was 569 this Tuesday, the lowest in almost thirty years.
The vessels Copenship operated on charter agreements will be returned to their owners.
World Maritime News Staff