Bloomberg reported that Atlas Shipping Group filed for bankruptcy protection, becoming the latest victim of an unprecedented collapse in the price of hauling coal, ore and grains by sea.

As per report Atlas and two other units filed the “bankruptcy orders” in the Bankruptcy Division of the Maritime and Commercial Court in Copenhagen at 10:30 AM local time.

Mr Bo Kristensen owner and operator in the statement said that “A historic drop in rental rates since August means the group will no longer be able to fulfill all its financial obligations as they fall due.”

He added that “It is extremely unfortunate, not least for all our highly skilled employees and our loyal customers.”

Mr Per Moeller MD said that the company has liabilities of about USD 150 million.