PACIFIC FORTITUDE

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Auction cancelled

Auctioning of the "Volga" of the former Bremen shipping company Beluga has been canceled. The insolvency administration and the Bremer Landesbank with the shipping company Hansa Heavy Lift (HHL) agreed to sell the ship. HHL is successor of the insolvent shipping company Beluga Group. The price of the ship were not disclosed. In the next few days, the "Volga" is expected to leave the timber port of Bremen.

Last Beluga ship to be auctioned

The "Volga", the only vessel still belonging to the insolvent Beluga shipping Group directly, is foreclosed in Bremen on request of the Bremer Landesbank as creditors, as the district court of Bremen announced on Sep 26, 2011. The "Volga" had returned from Colon to Bremen on Sep 23 and was seized by the bailiff then. The resulting revenue should flow into the bankruptcy estate.