It all seems to have gone terribly wrong for shipowner Nobu Su on his journey through the US bankruptcy court in Texas.

Su and his Today Makes Tomorrow (TMT) stand to lose all 16 ships brought into Chapter 11 protection to court-supervised sales. They have received cumulative bills from their restructuring and legal advisors of $15.7m. The lawyers have also now taken control of many key duties once entrusted to management.

TMT’s