JAPANESE DAIICHI CHUO FILES FOR BANKRUPTCY PROTECTION; COMPANY CARRIES BULK CARGOES LIKE IRON ORE

Daiichi Chuo KK filed for bankruptcy protection in Tokyo with 120 billion yen ($1 billion) in liabilities, as over-expansion amid plunging freight rates pushed the Japanese shipping line to four straight years of losses.

Its wholly owned Star Bulk Carrier Co. unit also filed for bankruptcy with 57 billion yen in liabilities, Daiichi Chuo said in a statement Tuesday.


Daiichi Chuo mainly carries bulk cargoes such as iron ore, coal and grains.