Reviews & Ratings for the Kavita

The Klaipeda County Court announced on May 30 that the Lithuanian Shipping Company has been officially declared bankrupt and is now undergoing liquidation proceedings. A creditor meeting is scheduled for June 10 in Vilnius, where stakeholders will gather to discuss the liquidation strategy, claims, and the future of LSC's remaining assets—the two bulk carriers. Both vessels, Venta (24,200 dwt, built in 1995) and Raguva (16,900 dwt, also constructed in 1995), did not attract satisfactory bids during the auction held in March, falling short of their respective reserve prices of €1.9 million and €1.6 million. At present, Raguva remains docked in Ceuta, Spain, while Venta is located at the port of Klaipeda. Bankruptcy proceedings were initiated against LSC in December, revealing that the company holds assets totaling €31 million against debts amounting to approximately €22.5 million, which includes €1.54 million owed to employees. The situation underscores the significant challenges faced by maritime enterprises in the current economic climate.