Administrators have been called in to oversee a fleet of German-managed feederships.
Insolvency proceedings have been launched against the KG (limited partnership) owners of the 1,049-teu Lantau Bay, Lantau Beach (both built 2007), Lantau Breeze and Lantau Bridge (both built 2008).
The action has been launched despite a rally in the charter market for boxships, which has pushed rates up for these vessels over several months.
