Samsun folds?

[Pantelis]

Samsun folds?

Dire dry-cargo markets are said to have claimed another victim with South Korean owner Samsun Logix filing for insolvency.

Reports in Korea say the shipowner filed for court receivership Friday after a troubled few weeks.

Attempts to contact Samsun for comment on the matter were unsuccessful at the time of writing.

However, senior officials at creditor Shinhan Bank told Korean media that difficulty in paying charter fees led to Friday’s move, Reuters reports.

Analysts warn that Samsun has dealings with both Genco and Navios Maritime and its insolvency will have a knock-on effect on other listed players in the dry-bulk sector.

Samsun is the seventh largest shipping company in Korea, with a revenue of more than $1bn in 2007.

It boasts a fleet of 15 owned bulk and LPG carriers and has over 60 bulkers and tankers on charter.

TradeWinds reported last week that Samsun was facing arbitration in London and attachment of funds after allegedly handing back a chartered bulker nine weeks early.

A company by the name of Hope Shipping has filed legal papers in New York seeking to attach $1.28m in the South Korean outfit's funds over the 24,200-dwt Ist (built 1981).

Brokers and other market sources have eyes turned to Samsun Logix due to wider concerns over the company's finances.

In late December, Samsun filed for attachment of nearly $1.07m from Bluefield over unpaid hire of the 50,000-dwt Pindos (built 1994), and in January the company sought to to attach $2.05m of China Shipping Development Co funds for unpaid hire.

Samsun Logix also had sought outstanding hire from Armada, which has filed for bankruptcy, as well as from South Korea's Parkroad, which TradeWinds reported in November was reported to be "internally insolvent".

By Andy Pierce in London

Tradewinds