One of the grand old names of Russian shipping, Murmansk Shipping, has been declared bankrupt after struggling with cash flow in recent years.
The ruling was made by the Murmansk Court of Arbitration on 6 October.
The shipowner was once a major power in Arctic shipping with 30 vessels, but this has been whittled down to 19 as its financial position deteriorated and a number of ships were arrested in ports worldwide after it failed to pay bills.
