Daiichi Chuo Kisen’s application for civil rehabilitation proceedings in Japan comes after the failure of a $500m cash injection over three years from Japanese companies attempting to keep the ailing bulker operator alive.
The first signs of trouble came when Mitsui OSK Lines (MOL) appointed its vice-president, Masakazu Yakushiji, to replace Saburo Koide as Daiichi’s president in March 2012. Daiichi is a part of the giant Mitsui Sumitomo group of cross shareholdings, with MOL its largest shareholder.
