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Daiichi Chuo files for bankruptcy

Daiichi Chuo files for bankruptcy
Japanese dry bulk shipowner and operator Daiichi Chuo has filed for bankruptcy protection.

In a statement to the Tokyo Stock Exchange Daiichi Chuo said its board of directors had decided today to file for debt rehabilitation proceedings.

The company is reported to have debts of JPY120bn ($1bn). Daiichi Chuo will also be de-listed from the Tokyo exchange on 30 October.

Prior to the announcement Daiichi Chuo’s shares had been suspended on Tuesday morning after Nikkei reported that the shipping company was planning to file for bankruptcy.

MOL hit with expected $209m loss due to Daiichi Chuo bankruptcy

Daiichi Chuo is the latest in a growing number of dry bulk shipowners to have filed for bankruptcy as the sector experienced some of the worst market conditions on record this year.

Daiichi Chuo has about 170 vessels and about 400 employees according to Nikkei. Outside Japan the company has representative offices in New York, London, Hong Kong, Shanghai, Manila and Vietnam.