Norwegian carrier Bulk Invest formerly part of Western Bulk has announced it will be filing for bankruptcy, suspending its connection with the Oslo Stock Exchange as of March 3, 2016, according to Shipping Watch.
Recent months has seen Jens Ismar, CEO of Bulk Invest unsuccessful in rescuing the carrier from the current dry bulk crisis.
The company said in a statement: “Regrettably, the board of directors of the company has… come to the conclusion, after several extensions and attempts of dialogue, that there is no longer a basis for the company to proceed with its restructuring efforts.
“Consequently, that there is no longer a basis for continued operations as the assumption of a going concern cannot be upheld, the company will immediately file a petition for bankruptcy.”
Industry expert Moore Stephens previously said that the shipping industry is expected to remain volatile in 2016 and a possible solution is for the dry bulk sector to reduce its orderbook while focusing its efforts on more ship recycling in 2016.