Sanko Steamship, once one of Japan’s largest bulker operators, has put its last ship up for sale.
According to reports in Japan, it is considering offers on the 82,500-dwt Sanko Hawking (built 2021).
VesselsValue estimates the kamsarmax is worth around $36.35m.
According to Sanko’s website, the Sanko Hawking is the only owned ship in its fleet.
The company operated a fleet of 150-200 ships during the 2008 shipping boom.
It controlled a diverse fleet made up mainly of bulk carriers but including LPG carriers, chemical and crude tankers and offshore supply vessels.
Like many companies at the time, it was caught out by over-investment.
The sudden collapse in charter rates — caused by the financial crisis that followed the Lehman Brothers bankruptcy — eventually dragged it into administration by 2013.
It emerged from administration in 2014 with the backing of US-based private equity firm Elliott Investment Management.
Sanko looked to be on a positive track when it ordered the Sanko Hawking at Tsuneishi Shipbuilding in 2019. But the one-ship deal turned out to be its last newbuilding investment.
Sanko had earlier run into financial trouble in 1985 when it was forced to declare bankruptcy.
The Japanese shipping community did not rally to support the company because of its troubled financial history and it has been unable to develop after coming out of its most recent administration.
