Lithuanian Shipping Company (LSC) has refuted claims it has filed for insolvency after its boss left and three more ships were sold. Baltic-listed Lithuanian Shipping Company (LSC) was responding this week to media reports about the possibility of bankruptcy.Lithuanian Shipping Company (LSC) said: "The company has no official information about that. Company has not applied to court for the insolvency." The LETA news agency reported that three of its ships had been held in port due to unpaid debts, one in Africa. New general director Valerijus Adamonis told LETA: "We hope that within a week the ship will continue sailing on the planned route. "It was travelling from Dakar to Poland but could not continue the journey because of debts. Although our ships are in good working order and can do the job, yet they are delayed due to debts." The company owed money for services and fuel, he said.
"We have paid wages to our employees. Although on-shore staff has not been paid yet, but we hope the situation will level itself soon. Our seafarers have received wages," he added.
At the end of June, Lithuanian Shipping Company (LSC) said general director Audronis Lubys left by mutual agreement. Technical director Adamonis was appointed the new boss.
Last month Lithuanian Shipping Company (LSC) offloaded the 5,600-dwt multipurpose (MPP) MV Akvile (built 1996) and the 5,800-dwt MPP MV Audre (built 1997). Lithuanian Shipping Company (LSC) has also cleared the 24,200-dwt open-hatch ship MV VENTA (built 1995) for sale.
Lithuanian Shipping Company (LSC) is left with four 1990s-built bulkers. "significant uncertainty” about its ability to continue as a going concern. But Lithuanian Shipping Company (LSC) added that it expected to conclude a deal with lenders to stretch the payment terms.