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Dry bulk behemoth Daiichi misses restructuring deadline

The 120-year-old Japanese dry bulk carrier Daiichi Chuo Kisen Kaisha moves closer to the abyss after four months of trying to restructure the heavily indebted carrier has failed so far.

Photo: Rotterdam Havn

Crisis-stricken Japanese bulk carrier Daiichi Chuo Kisen Kaisha was unsuccessful in landing a restructuring agreement on Wednesday in Tokyo, and this has made the carrier's executive management postpone the rescue plan for the 120-year-old company.

According to Japanese business media Nikkei Asian Review, a shortage of investor interest and attractive bids have spurred the carrier to prolong the whole process, which has now gone on for about four months. The postponement is thus the most recent example of the abysmal crisis which has enveloped the dry bulk industry and is now making investors keep their distance even though prices are presumed to be extremely low.

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