SANTA CRUZ I

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Japan's Sanko Steamship files for bankruptcy

(Reuters) - One of Japan's oldest shipping firms, Sanko Steamship, filed for bankruptcy on Monday, July 2, 2012 after months of battling with ship owners over the restructuring of $2 billion in debt, becoming the latest casualty of the four-year-old shipping industry downturn. Credit researcher Tokyo Shoko Research said Sanko, which was restructured once before after filing for bankruptcy protection in 1985, had total debts of 155.8 billion yen ($1.95 billion). The Tokyo-based firm managed a fleet of 185 ships, which included 46 tankers and 27 dry bulk carriers, as of April 1, according to the company's website. Of that total, about 80 percent is hired from other firms. More at http://www.reuters.com/article/2012/07/02/us-shipping-sankosteamship-idUSBRE8610CA20120702