Insolvency proceedings have been launched on the funds that own a pair of modern German supramax bulkers.
The KG (limited partnership) owners of the 57,000-dwt Achat and Almandin (both built 2010) have thrown in the towel after failing to recover from the bankruptcy of a South Korean counterpart.
The two supramax bulkers are destined to tread the same path as four bulkers ordered by German investors, which have already fallen into the hands of administrators.
