TOUGH operating conditions have been listed as a reason for Hansa Heavy Lift to this week file for insolvency.

The application was made in a German court.

In a statement emailed to Daily Cargo News, major investor Oaktree Capital Management indicated they had worked hard to save the business but supported the decision.

“Due to an extremely challenging operating environment in the global shipping industry, Hansa Heavy Lift filed for insolvency earlier,” a spokesperson said.

“Funds managed by Oaktree Capital Management, L.P have been a committed investor in the company over the past seven years and have worked tirelessly with the company’s management team to thoroughly evaluate all potential strategic avenues to ensure the viability of the business.

“However, given the ongoing structural challenges in the global heavy lift shipping sector, Oaktree is supportive of the Company’s decision to file for insolvency and has decided not to make any additional capital investments in the business.”