Advertisement

Copenship files for bankruptcy

The privately owned Danish shipping company Copenship A/S has filed for bankruptcy after running up unsustainable losses in the dry bulk market. Its Chief Executive, Michael Fenger, blamed the current poor condition of the dry bulk market for the firm’s fall, with the Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, falling to its lowest level in nearly three decades in February.

Copenship had been operating over 50 chartered small-sized dry-bulk vessels carrying commodities such as grain, iron ore and timber, but these will now be returned to their owners. ‘We have done what we could to raise the funds to save the company, but we have reached a point where there is no more we can do’, said Fenger. Copenship was formed in 1978 to serve the East African trade, including the Indian Ocean islands, but also traded to West Africa and southern Africa. JS

Ships Montly - January 2024

First in a series of 10 container ships for CMA CGM

The CMA CGM Group, a global player in maritime, land, air, and logistics solutions, has taken delivery of CMA CGM Mermaid, the first ship...
Advertisement

Related articles

First in a series of 10 container ships for CMA CGM

The CMA CGM Group, a global player in maritime, land, air, and logistics solutions, has taken delivery of...

March issue of Ships Monthly out now

SHIPS MONTHLY March 2024 The March 2024 issue of Ships Monthly is out now, and is packed with all...

Carnival Celebration CRUISE REVIEW

Andy Hernandez sailed aboard the new Carnival Celebration, the company’s new flagship, and discovered what she has to...

Wärtsilä to deliver ammonia fuel system for two EXMAR Medium size Gas Carriers

Wärtsilä Gas Solutions, part of technology group Wärtsilä, will deliver the fuel supply system for two new gas...