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Korean bulker firm goes bust
Monday, 16 February 2009 09:16

Another shipowner from Seoul has filed for insolvency. Initially established as Samsun Shipping Corporation in 1980, bulk operator Samsun Logix filed for court receivership after a Swiss company was unable to pay over US$40 million worth of fees. Besides this now-bankrupt client, Samsun also had outstanding payments from Korea, China and Singapore’s Armada, which notably filed for bankruptcy last month.

Samsun Logix had around 100 ships in its fleet.