Problems mount for Murmansk Shipping Company (ОАО “ММП”)

It seems Murmansk Shipping Company (ОАО “ММП”) is unable to get out of its ongoing financial crisis. This is evidenced by the recent decision of the High Court in England to auction off the 39-year-old bulk carrier KUZMA MININ. This follows the auction of the POMORYE (built 2007) in the United States last month. A further seven ships are understood to be under long-term arrest around the world and most remaining vessels have not traded this year. Whilst its fleet is idle, the company cannot generate income whilst its debts continue to mount.