The company, RTS Panamax, owned the 71,000-dwt bulker Endeavour (built 1996), which was purchased almost at the peak of the market in June 2007 as RTS Pioneer for $22.4m.
Atlantica pursued a cautious chartering policy, fixing out the ship on bareboat charter to Panoceanic Bulk at $7,700 per day.
But Panoceanic Bulk redelivered the ship early and the owner has for the past couple of years struggled because of the poor spot market.
