July 3 - Sanko Steamship, one of Japan's oldest shipping companies, has finally given up on an out-of-court accounts settlement process it had pursued since March, and chosen to seek protection from its creditors by filing a petition with the Tokyo Distri
The Court immediately issued a restraining order prohibiting payments, compulsory executions, plus a supervision order and examination order.
The dry bulk and tanker shipping company is seeking bankruptcy protection having found itself in a severe cash flow problem as multiple ship owners reacted against the reorganisation of charter fee payments by seizing Sanko-owned ships among others.
As of April 1, the Japanese firm managed a fleet of 185 ships, which included 46 tankers and 27 dry bulk carriers..
Its fleet of 27 open hatch box shape carriers are all fitted with jib cranes suitable for carriage of breakbulk cargoes like forest products, paper rolls, wood pulp, aluminum ingots and steel products.