South Korea’s Dong-A Tanker has thrown in the towel and applied for court receivership in Seoul, TradeWinds has learnt.
Shipping players that are familiar with Dong-A confirm the company legal status, saying it has been been struggling for several years.
“Dong-A has been selling its vessels for a while,” one shipping source said. “It owns some capesize bulk carriers and is trading them on spot… with the current drybulk market, it is losing money everyday.”
