Sarnsun Files For Protection

摘要

The number of owners and charterers struggling to survive is climbing. Among the latest, South Korea's seventh largest shipping line, Samsun Logix, sought bankruptcy protection from creditors in the US, citing the meltdown in the dry bulk shipping markets. A series of firms failing to pay charter hire sent Samsun to the wall and it filed for court receivership in Seoul in February. According to papers filed by Hyun-Chul Hur, who was appointed by the South Korean bankruptcy court as receiver of Samsun, "The company's profit margin began to decline as the market value of dry bulk shipping contracts suddenly dropped. Unless there is a significant turnaround in the global economy and the dry-bulk markets, the financial condition of the company will continue to deteriorate." The company listed both debt and assets of more than $100m in Chapter 15 documents filed in the US Bankruptcy Court in Manhattan.