Tuesday, July 03, 2012 -
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In a move that will send shockwaves through Japanese and international shipping circles, Sanko Steamship filed for bankruptcy on July 2 after months of battling with creditors over the restructuring of some $1.95bn worth of debt, reports Reuters.
“We have reached a conclusion in light of our current circumstances that the best way … is to file a petition for commencement of corporate reorganization proceedings," the company said in a statement
Sanko previously file for bankruptcy in 1985, as a result of the 1980s shipping recession. It reformed in 1989, through a merger with affiliate Zuito Shipping, and grew back up to become one of Japan’s largest privately owned shipping companies. As of April 1 this year its fleet consisted of 185 vessels totalling over 12.8m dwt, mostly tankers and bulk carriers, including 21 capesize and 12 panamax bulk carriers, 2 VLCC, 9 suezmax and 20 aframax tankers.