Santa-Cruz-I Ship Details and Seafarer Feedback

(Reuters) - Sanko Steamship, one of Japan's historically significant shipping companies, announced its bankruptcy on Monday, July 2, 2012, after enduring a prolonged struggle with ship owners regarding the restructuring of an overwhelming $2 billion debt. This marks another downturn in the tumultuous shipping industry that has been on a decline for four years. According to credit analyst Tokyo Shoko Research, Sanko, which had previously undergone restructuring following a bankruptcy filing in 1985, reported total liabilities amounting to 155.8 billion yen ($1.95 billion). Based in Tokyo, Sanko Steamship managed a diverse fleet consisting of 185 vessels, which featured 46 tankers and 27 dry bulk carriers. As of April 1, a significant portion of this fleet—approximately 80 percent—was leased from various other shipping firms. For more information, visit http://www.reuters.com/article/2012/07/02/us-shipping-sankosteamship-idUSBRE8610CA20120702.