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Lithuanian Shipping Company files for bankruptcy

Majority state-owned Lithuanian Shipping Company (LSC) has filed for bankruptcy.

Marcus Hand, Editor

July 24, 2015

1 Min Read
Kalyakan - stock.adobe.com

Update here - last minute reprieve for LSC

The Ministry of Transport and Communications of Lithuania applied has applied to the local courts for bankruptcy proceedings for LSC.

The company’s website lists it has having a fleet of four general cargo/bulk carrier vessels. VesselValue.com lists it as owning one, 20-year old, 24,200 dwt handysize bulker, Venta, worth $3.34m.

It is understood that one or two vessels belonging to the company have been arrested by bunker suppliers, and the company has simply run out of money to run its ships.

The Lithuanian government has it is believed agreed to provide food and water for the crews of the stranded vessels ahead of getting them repatriated. However, cited EU regulations as preventing them from providing any financial assistance to enable the company to remain a going concern.

About the Author

Marcus Hand

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

See more from Marcus Hand
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