Hansa to Cease Trading in March

The administrator for bankrupt breakbulk shipping line Hansa Heavy-Lift said the business will cease trading in March.

Christoph Morgen, of Hamburg firm Brinkmann & Partner, announced the final closure of the firm following the formal filing for insolvency in December. The company had cited the "extremely challenging operating environment" throughout 2018 as a key driver for the collapse.

In January, Dutch shipping line Spliethoff acquired five multipurpose vessels from Hansa, including the HHL Elbe, HHL Tyne, HHL Amur, HHL Mississippi and HHL New York, worth an estimated combined price tag of US$39 million.

Until its collapse Hansa was operating a fleet of 14multipurpose heavy-lift vessels with lifting capacities of mor than 900 tonnes, Hansa was wholly owned by global investment manager Oaktree Capital Management.

Photo: Hansa vessel. Credit: Wikimedia