Bankrupt Lithuanian Shipping Company (LSC) has sold two more bulk carriers at auction, which has raised US$1.0m more than the vessels' combined reserve prices.

Voruta (17,800dwt, built 1998), currently anchored at Las Palmas, Spain, had a reserve price of €1.72m but was sold to the highest bidder for €2.25m.

Similarly, bidding for Romuva (17,800 dwt, built 1998) exceeded its €1.7m reserve and finished at €2.17m. The ship is currently berthed at Klaipeda port in Lithuania.

At the end of this March, Deltuva (16,900 dwt, built 1994) was sold at auction for €1.75m, just over its €1.5m reserve, but two of LSC's bulkers failed to sell that month and remain in limbo.

Bidding for Venta (24,200 dwt, built 1995) and Raguva (16,900 dwt, built 1995) failed to meet the vessels' respective reserve prices of €1.9m and €1.6m. Raguva is still in Ceuta, Spain, and Venta is at Klaipeda.

Bankruptcy proceedings commenced against LSC in December. The company has assets of €31m and debts of approximately €22.5m, including €1.54m owed to employees, the Klaipeda Regional Court was told that month.