Insolvency proceedings have been launched on the funds that own a pair of modern German supramax bulkers.
The KG (limited partnership) owners of the 57,000-dwt Achat and Almandin (both built 2010) have thrown in the towel after failing to recover from the bankruptcy of a South Korean counterpart.
The two supramax bulkers are destined to tread the same path as four bulkers ordered by German investors, which have already fallen into the hands of administrators.
The insolvent ships were part of a series of 10 supramax and four post-panamax bulkers that were delivered to Munich-based Conti Group between May 2010 and November 2012.
Conti was estimated to have spent $600m on the 14 ships on the back of 12-year time charters to STX Pan Ocean …
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