Daiichi Chuo, which filed for bankruptcy in Tokyo 11 months ago, is coming out of court rehabilitation, court documents seen by Splash reveal.
The line filed for bankruptcy protection in Tokyo on September 29 last year with 120bn yen ($1bn) in liabilities. At the time it was the fifth largest shipping line in Japan and its demise caused massive ripples across the dry bulk sector.
It was delisted in Tokyo in October last year. By the end of July this year it claimed to have paid back all its debts having slashed its fleet size by around 50%.