German shipowner Oskar Wehr has launched insolvency proceedings for 12 bulkers

German shipowner Oskar Wehr has sought court protection for a fleet of 12 bulkers. Hamburg-based bulker owner has launched insolvency proceedings covering 6 capesize and 6 supramax bulkers in order to proceed with a financial restructuring to keep commercial and technical management. Unusually for German vessels, none of the ships are owned by traditional KG (limited partner-ship) companies but involved traditional bank lending. Supramaxes were inked when newbuilding prices were $34m and charters came in at around $30,000 per day. Today, their value is in single-digit millions and the charter market offers just $2,500 per day.