Another Korean owner goes to the wall

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Seoul: A series of firms failing to pay charter hire has brought another South Korean shipowner to the brink. Bulker operator Samsun Logix has filed for court receivership  in Seoul citing difficulties in getting charter fees,  according to officials at Shinhan Bank.
Established in 1980 as Samsun Shipping Corporation, the firm maintain 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.  [09/02/09]