United Ocean Group Files in Tokyo

Japanese ship owner United Ocean Group (UOG) filed for receivership in Tokyo District Court on December 31st having succumbed to over USD 1bn of debt.

The company failed to pay it dues to the creditors, including Mizuho and Tokyo Mitsubishi, due to cash flow deterioration resulting from profit slump as shipping market underwent an economic slowdown.

Namely, the tonnage supplier experienced difficulties in securing work for its vessels accruing losses and resorting to off hire.

The court filing was submitted under the name Ramos Corporation and includes all 38 Panama and Singapore special-purpose shipowning companies operating under UOG.

UOG’s financial problems started to affect the company in November and are linked to IBJ Leasing Co’s financing of the 81,918-dwt kamsarmax bulker United Prestige.

The company’s fleet comprises 40 vessels, 33 bulk carriers and 7 car carriers.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>


<< Mar 2018 >>
26 27 28 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

Singapore Maritime Technology Conference and Exhibition (SMTC) 2018

The 3rd Singapore Maritime Technology Conference and Exhibition (SMTC) 2018 is organized by the Maritime and Port Authority of Singapore…

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >