Atlas Shipping files for bankruptcy

Atlas Shipping, Copenhagen, has filed for bankruptcy after losing USD 3 million per week in the weakened bulk market. Atlas Shipping has been operating as a time charter operator in the bulk market since the company was founded in 1996. At the time for the bankruptcy Atlas Shipping operated 41 ships and had 25 employees.

Through a subsidiary Atlas Shipping had begun to develop into owning its own tonnage. The company has a newbuilding programme consisting of 14 vessels, Lloyd’s List reports.

One of the founders, Christian Levin, left the company three years ago after a disagreement with his business partner. Instead he formed Custodia Shipping, the company still operates in the bulk market.

Source: http://www.shipgaz.com