United Ocean Group (UOG), a tonnage supplier to Japanese owners, has sought court protection in Tokyo, following the likes of Daiichi Chuo and Sanko Steamship, hit hard by the dry bulk downturn.
The company, founded in 1995 by Indian national Vipan Sharma, filed on December 31, saddled by debts of more than $1bn.
UOG’s fleet comprises seven car carriers and 33 bulkers. The company cited “cash flow deterioration” from the market downturn in its court application. UOG struggled to find business for many of its bulkers coming off hire last year.
UOG runs a number of companies, including a sizeable shipmanagement operation out of Singapore. UOG officials in Singapore and Tokyo declined to comment when contacted by Splash today.
With additional reporting by Grant Rowles