German shipowner Oskar Wehr has launched insolvency proceedings for 12 bulkers

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.

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