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Swedish owner with five ships on order goes bankrupt

Swedish owner with five ships on order goes bankrupt

Stockholm: Svithoid Tankers, a small product carrier operator in Sweden, has filed for bankruptcy protection with the Stockholm City Court. The municipal court announced that it had accepted an application for court proceedings on October 14. The court has appointed attorneys Einar Wanhainen at legal firm G. Gronberg Advokatbyra as bankruptcy administrators.
Headquartered in Stockholm, Svithoid Tankers owns/operates 11 product carriers and chemical carriers ranging from 1,700 to 9,000 dwt, some of which are bareboat-chartered from owners. It is believed that the company has five ships of between 3,400 and 8,000 dwt on order for completion in this year.
Svithoid is the second shipping line to go under since the start of the global finacial turmoil, following last week's demise of Ukranian bulk player Industrial Carriers. 
Meanwhile, Scandinavian news sources reported that Norwegian yard
Havyard Solstrand has filed for bankruptcy citing rising production costs.  [23/10/08]

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