Japan's Daiichi Chuo Kisen said it may cancel ship orders, cut its fleet and sell new stock after getting emergency financing from shareholder Mitsui O.S.K. Lines.
“We’re considering a drastic reform package,” President Masakazu Yakushiji said, Bloomberg reported.
“We never thought the market would stay this low for this long,” he added.
The company is in talks about canceling or delaying 10 of 60 on-order dry-bulk vessels.
Published : October 10, 2012