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. Last Updated: 07/27/2016

Baltic Sells Ships

MOSCOW -- The Baltic Sea Shipping Co. has sold 18 ships detained in foreign ports in order to clear debts to foreign creditors, company spokesman Oleg Sopov said.

Proceeds from the sale of the ships and the amount of debts repaid were not disclosed. Some estimates put the figure at $60 million to $70 million.

The company will put another two sea freighters up for sale within the next few days.

Outside management was introduced at the Baltic Shipping Co. last December.