Samsun Logix Files for Bankruptcy Protection
South Korea's seventh largest shipping line Samsun Logix has filed for Chapter 15 bankruptcy protection in Manhattan, Seatrade Asia reported. Samsun Logix has more than $100 million of assets and debts, the firm said in its filing. A series of firms failing to pay charter hire sent Samsun to the wall. It filed for court receivership in Seoul in February. Established in 1980 as Samsun Shipping Corporation, the firm maintains it was not paid fees worth $40 million by a Swiss company which filed for bankruptcy protection late last year. Though low profile, Samsun Logix is a big player operating up to 100 ships, predominantly in dry bulk with a smattering of VLCCs and long range product carriers. Samsun also has outstanding payments from clients in Korea, China and notably Singapore's now-bust Armada. Read more.