The KG (limited partnership) owners of the 6,638-teu Ilse Wulff (built 2009) have succumbed to the dismal charter market and filed for insolvency.
John-Peter Wulff, owner of Gluckstadt-based Reederei Hermann Wulff, says the proceedings could begin in the next month.
The fate of the vessel demonstrates the extent to which the market for this size of boxship is suffering.
The Ilse Wulff was delivered to the German manager on the back of a five-year charter to United Arab Shipping Corp (UASC) at $43,000 per day, and initially operated as one of nine ships on its Asia-to-Europe route.
