Danish vessel operator TS Chartering has entered compulsory bankruptcy proceedings after racking up consistent losses.
Its five ships have been redelivered to their owners, Thomas Mikkelsen, CEO of sister MPP company Thorco Projects, confirmed.
Both companies are part of the Thornico group, owned by Thor and Christian Stadil.
The Danish Finans daily reported that the bankruptcy action was carried out at the request of the Danish Business Authority.
The report added that TS had been in deficit each year since its formation in 2012.
The latest accounts from 2017 showed a loss of DKK 41m ($6.08m).
'Dramatic'
Mikkelsen told Finans: “It is really very dramatic.
"There were five ships in the company, which are now handed back to the shipowners. As a result, the activities and eligibility are gone, which is why we have chosen to close the company."
Mikkelsen said he was surprised that the operator ended up in bankruptcy proceedings, because "we have otherwise tried to dissolve the business in the ordinary way."
He added: "However, there have been some discrepancies that have made it this way, and so we have to work on that."
He did not elaborate on this.
Lawyer Soren Aamann Jensen has been appointed as a trustee in the bankruptcy estate.
Thornico controls more than 85 ships.
Christian Stadil has been contacted for comment.
