Kanasashi Heavy Industries Files for Creditor Protection

Financially troubled Japanese shipbuilder Kanasashi Heavy Industries (“Kanasashi”) told creditors in a closed-door meeting that it will carry on with the construction of five newbuildings. The medium sized shipbuilder has filed for creditor protection with the Shizuoka District Court two weeks ago after failing to secure more funds from its bankers. Kanasashi, which has a 25-ship orderbook including 33,000 dwt bulk carriers ordered by Hong Kong based Uni-Asia Finance (“Uni-Asia”), Denmark’s ID Shipping and J Lauritzen, used to specialise in fishing boats but ventured into the construction of larger sized cargo ships in the past few years.

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