Troubled Daiichi Chuo Sells Capesize Bulker to NS United

Financially-troubled Japanese dry bulk specialist Daiichi Chuo Kisen Kaisha has sold a 2010-built Capesize bulker and its remaining 15-year charter to compatriot NS United Kaiun Kaisha and its Panamanian subsidiary company for USD 63.38 million.

The 207,791 dwt Katsura, currently in the sixth year of a 20-year charter contract for the transportation of raw materials Daichii signed with Nippon Steel & Sumitomo Metal Corporation in September 2010, is expected to be delivered to NS United in November 2015.

”In our three-year Medium-Term Business Plan, “Unite & Full-Ahead! (Part II),” which was formulated in May 2014, we set a target of operating fleet volume to reinforce by 50 Capesize by the end of FY 2018. This is our most important Mid-Term Goals in addition to expanding a  share of transportation for Nippon Steel & Sumitomo Metal Corporation. We believe that this acquisition will contribute to our Mid-Term Goals,” NS United said in a statement.

Mitsui O.S.K. Lines (MOL), owner of 16.64% of shares in Daiichi, earlier this week said it expects to record a JPY 26.2 billion (USD 220m) loss in the first half of FY2015 after Daiichi applied for the start of civil rehabilitation proceedings on September 29.

World Maritime News Staff

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