Third Japanese yard files for bankruptcy

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Tokyo: Sanuki Shipbuilding & Iron Works Co., a Kagawa shipbuilder specializing in coastal and nearseas vessels, filed a petition for the second time in five years with the Takamatsu District Court on July 29 for application of the Civil Rehabilitation Law. Tokyo Shoko Research, Ltd. estimated its liabilities at Y9.4 billion. It is the third Japanese yard to go under in 200, according to the Kaiji Press, following Kanasashi Heavy Industries in April and Onishigumi Zosen in July.
With two docks and eight slipways at its two factories Sanuki has a backlog orders for around seven 10,000 dwt-class cargo ships and around six 7,000 dwt-class cargo ships for delivery to owners in Japan and overseas. [03/08/09]