Advertisement

SHIPPING LINE: Sanko files for receivership

The well-known Sanko Steamship company has filed for bankruptcy for the second time in its long history. The company was founded in 1934 and went bankrupt for the first time in 1985 after buying ships that it then struggled to pay for. It then emerged from receivership, ahead of schedule, in the late 1990s.

On 1 April the Sanko managed fleet consisted of 185 ships, including 46 tankers and 27 dry bulk carriers. About 80 per cent of the fleet is hired from other firms, many at high long-term rates agreed before recession struck in 2008. Sanko was to sell 12 vessels, including Sanko Mineral, which was arrested in Baltimore, as well as 15 newbuildings, to improve cash flow.

However, this gesture only served to drive down second-hand prices for bulkers and tankers. In the light of this, it was decided that the best way for reorganisation was to file a petition for commencement of corporate reorganisation proceedings.

Ships Montly - January 2024

CLdN launches new Zeebrugge-Cork-Dublin service

CLdN launch a new weekly service between Zeebrugge and Ireland on 10 May. CLdN chartered an 800 TEU lift-on/lift-off (lo-lo) cargo vessel JSP Rover...
Advertisement

Related articles

CLdN launches new Zeebrugge-Cork-Dublin service

CLdN launch a new weekly service between Zeebrugge and Ireland on 10 May. CLdN chartered an 800 TEU...

North Star marks delivery of first CSOV Grampian Kestrel

North Star officially named its first commissioning service operation vessel (CSOV), Grampian Kestrel, at a ceremony at VARD’s...

Celestyal Discovery operates on a marine biofuel blend

The cruise ship Celestyal Discovery made history in April 2025 as the first ship in Greek waters to...

New multi-purpose vessels delivered by China Merchants

Nanjing Jinling Shipyard, a division of China Merchants Industry, has successfully delivered the 62,000dwt ultra-flexible multi-purpose vessel Pacific...