Bloomberg News

Sanko Asks to Defer Vessel-Hire Payments, Golden Ocean Says

March 12, 2012

Golden Ocean Group Ltd. (GOGL), an operator of commodity-carrying ships, said Sanko Steamship Co. asked to defer hire payments for a Capesize vessel.

The Golden Feng is chartered to Sanko at $46,000 a day until Jan. 10, 2014, Oslo-based Golden Ocean said today in a statement.

Sanko, which operates about 200 ships, said today it asked creditors to defer payments after freight rates slumped amid a global oversupply of vessels and rising fuel prices. The Tokyo- based company has asked shipowners, shipyards and lenders for a standstill agreement and intends to eventually pay all debts, a March 9 statement showed.

Sanko owns 41 of the ships it operates, according to vessel-owning data compiled by Bloomberg.

To contact the reporter on this story: Michelle Wiese Bockmann in London at mwiesebockma@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net


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