Bankrupt Lithuanian Shipping is to sell its fleet of five small bulk carriers in a court-ordered auction, which will raise €8.4m if all the vessels meet their reserve prices.

Venta (24,200dwt, built 1995) has a reserve price of €1.9m; Deltuva (16,900dwt, built 1994) has a reserve of €1.5m; Romuva (17,800dwt, built 1998) is on at €1.7m; Raguva (16,900dwt, built 1995) at €1.6m, and Voruta (17,800dwt, built 1998) at €1.7m.

VesselsValue.com estimates the fleet's current market value at approximately €7.7m ($8.35m).

Bankruptcy proceedings commenced against Lithuanian Shipping in December. The company has assets of €31m ($33.6m) and debts of approximately €22.5m ($24.4m), including €1.54m ($1.7m) owed to employees, the Klaipeda Regional Court was told.

Bankruptcy proceedings against the state-controlled firm were halted in July 2015 when the line's main creditor, SEB Bank, stepped in with a loan.