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Wisdom Marine downplays exposure to Daiichi Chuo’s bankruptcy

Wisdom Marine downplays exposure to Daiichi Chuo’s bankruptcy
Taiwan’s Wisdom Marine has announced that its eight dry bulk carriers currently under time charter to debt-ridden Daiichi Chuo and its subsidiaries would have little impact on the company.

Taipei-listed Wisdom Marine said its eight bulkers on charter to Daiichi are drawing in a total daily charter rates of not more than $50,000.

Seven of the bulkers are on hire to Daiichi Chuo’s subsidiary Daiichi Chuo Kinkai, which is operating as per normal and not included among the entities that are seeking court protection.

Only one bulker is on charter to Daiichi Chuo and it has a remaining lease of less than six months, according to Wisdom Marine.

“At present, the payments under the charter contract is as per normal. The rehabilitation application (of Daiichi Chuo) does not yet pose significant risk to Wisdom Marine,” the Taiwanese shipowner said.

Embattled Japanese dry bulk shipowner and operator Daiichi Chuo filed for bankruptcy protection this week with debts of around JPY120bn ($1bn).

Compatriot Japanese owner Mitsui OSK Lines (MOL) is hit with approximately $209m of loss from Daiichi Chuo’s bankruptcy filing.