Dr Peters Prescription

Insolvency proceedings have hit 14 single-ship KG companies associated with the German concern, Dr Peters.

The procedures lodged against Dr Peters in the Hamburg district courts prompted seven funds to go bust last week, and a further seven have now joined the hundreds of others which have slipped under thanks to the shipping downturn.

Local lawyers have been appointed administrator of containerships Cape Race and Wehr Mosel which has sold for $6.2m. Also sold were two 1998-built 820 TEU vessels, Cape Cook and Cape Charles, which each fetched $3.3m.

The 1995-built, 1,502 teu Cape Natal fetched $2.9m and the 31,000 dwt, 1997-built tanker Cape Bear secured $8.6m.