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Clipper left in the lurch following demise of Japanese shipyard

Clipper left in the lurch following demise of Japanese shipyard

Tokyo: The credit crunch has taken its first Japanese shipyard to the wall with Tsuji Heavy Industries filing for bankruptcy.

Tsuji and four of its group companies filed debts of $834m with the Tokyo District Court late last week. Tsuji had been expanding massively in China. Of its 40 plus ship backlog, twenty nine 30,000 dwt bulkers were on the books for Denmark's Clipper, while Turkish owner Yasa Shipping had 11 on order.

As well as being a shipbuilder Tsuji is a major supplier of hatch covers and ship cranes. Compatriot shipbuilder Oshima Shipbuilding has stepped forward to pledge support for the ailing Tsuji. Oshima relies on Tsuji for much of its parts and machinery for the ships it is building. Other yards such as Imabari and Sasebo may well help out too. [17/12/08]

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