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VLCC tankers sold to cover losses

VLCC tankers sold to cover losses
Japanese ship owner Taiheiyo Kaiun has sold three of its double-hulled VLCCs to cover losses incurred by a string of failed charters in their bulk carrier segment.

Japanese ship owner Taiheiyo Kaiun has sold three of its double-hulled VLCCs to cover losses incurred by a string of failed charters in their bulk carrier segment.

Japanese ship owner Taiheiyo Kaiun has sold three of its double-hulled VLCCs to cover losses incurred by a string of failed charters in their bulk carrier segment.

A Tokyo-based source told that a South Korean player that had chartered two bulk carriers from the Japanese company since 2007 had filed for bankruptcy in the wake of the recent bulk market meltdown.

Taiheiyo Kaiun announced a loss for the first nine months of its fiscal year and according to local reports is expecting its fiscal 2008 performance to take a beating as a result of this bankruptcy filing.

Industry sources reported that Taiheiyo Kaiun ?was forced to sell? the 2000-built 281,000 dwt Tenzan, the 2002-built 300,000 dwt Tateyama, and the 2006-built 305,000 dwt Towada in order to cover the collapse of the charter deals.

A separate source added that aside from the bankruptcy filing, another foreign player that had sub-chartered four bulk vessels from Taiheiyo Kaiun requested in October last year that its contract be terminated early.

www.TurkishMaritime.com.tr

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