Share trading in Japanese bulk giant halted

Dry bulk carrier Daiichi Chuo, which has around 170 vessels in its fleet and has Mitsui as major shareholder, is allegedly facing dire financial difficulties.

Photo: Rotterdam Havn

The trading of shares in Japanese dry bulk carrier Daiichi Chuo was suspended at the Tokyo Stock Exchange on Tuesday. The move follows rumors that the carrier, which has Mitsui O.S.K. as major shareholder with a 16.5 percent stake, is headed toward receivership.

According to Bloomberg, the Mitsui share dived around eight percent due to the rumors that Daiichi Chuo, which operates more than 170, is in financial trouble. Three years ago Mitsui had to step in and inject capital into the dry bulk carrier, but the company's debt has now grown close to USD 1 billion.

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