Z Bulk, part of Otto Gregard Tidemand’s Eastern Bulk group, entered administration as it was unable to resolve a dispute with joint-venture partner Canpotex.
The Norwegian operator has been working with the Canadian charterer for 20 years and formed a joint venture five years ago into which both contributed three time chartered ships.
However, as the Eastern Bulk ships were returned sooner, the venture became less favourable to the Norwegian company, which was unable to meet its obligations.
