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Lithuanian Shipping Company files for bankruptcy

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

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. 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.