COASTAL BULK CEASES TRADING

Technorati Tags: Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange,Freight Review,Maritime Baltic Index,Maritime Industry,Maritime,Freight Forward Agreements,FFA,Coastal Bulk,Lapthorn Shipping,Fourwind Holdings,River Bulk

 

Monday, 22 December 2008

VESSELS belonging to the fleet of UK coaster company Coastal Bulk Shipping are laying up in the Medway and Thames Estuary, according to UK ship enthusiasts' website Shipspotting,com. Lloyd's List reports that the company announced it had ceased trading after the economic downturn forced a sharp decline in revenues. Until 2006 Coastal Bulk Shipping known as Lapthorn Shipping and prior to November 2003, when the Lapthorn family relinquished control, as R Lapthorn and Co. The company has been operating a fleet of 13 vessels between 1,200 dwt-2,250 dwt although it had previously also operated smaller vessels.

The Kent-based company blamed problems with non-performance of contracted customers, the weakness of sterling, reduced imports and more expensive fuel. “Prospects for recovery in the short term are poor,” the company said in a statement. said.

Associated company River Bulk Shipping has also ceased trading. Like Coastal Bulk Shipping it is owned by Fourwind Holdings whose directors are John Yeoman and Tim Lowry who are, respectively, the chairman and managing director of Coastal Bulk.