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K Line chairman hits out over charter defaults

K Line chairman hits out over charter defaults
Kawasaki Kisen Kaisha (K Line) chairman Jiro Asakura has hit out at overseas companies that default dry bulk charter following the collapse in the market.

“This last year or so there have been various defaults of contracts, such misconduct cannot be accepted,” Asakura said at the Sea Japan 2016 International Maritime Conference on Thursday.

“We need trust in this trade and if this trust is broken down we cannot accept that.”

While not naming Western Bulk and Bulk Invest, which was formed in a restructuring when majority shareholder Kistefos bought out Western Bulk earlier this year, Asakura made his support clear for the Japanese companies that are legally opposed the move.

“Six companies are fighting this overseas entity. I hope they are successful in their attempt,” he stated.