Monday, November 24, 2008

Korean dry bulk carrier is bankrupt

Lloyds List reports Parkroad Corp. is bankrupt. Parkroad had eight vessels, mainly Panamax and Handysize dry bulk ships.

SOUTH KOREAN dry bulk specialist Parkroad Corp confirmed that it has gone bankrupt and its vessels are being operated by Sinokor Maritime Co Ltd.

A spokesman Mr SK Chung from Sinokor in Seoul also confirmed that they are operating eight vessels owned by Parkroad.

Sinokor isn't a bulk carrier, they are in the liner business. I can only guess that the lender decided it was a good place to put the vessels for the time being. Or, perhaps Sinokor will start picking up dry bulk ships for pennies on the dollars in this down market.

It's not unusual for shipping companies to engage in both liner (with fixed schedules) and tramp (without fixed schedules) services. And, if you have the money, are already in the business of shipping, now is the time to buy some ships.

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