FACTBOX-Weak rates lead to shipping bankruptcies

Thu Nov 1, 2012 3:37pm EDT

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Oct 31 (Reuters) - Shipping companies have suffered in the past four years as daily rates for transporting commodities have been hit hard by an oversupply of vessels and soft demand.

Following is a list of some major shipowners that have been forced to restructure or seek bankruptcy protection in the past year:

Oct. 10 - Deiulemar Shipping, a major Italian dry freight group, is declared bankrupt. The company owed more than 500 million euros.

Oct. 2 - Danish shipping group Torm A/S is forced to reach a restructuring agreement with its banks over its $1.8 billion bank debt.

Aug. 9 - Britain's oldest shipping firm, Stephenson Clarke Shipping Ltd, goes into liquidation after nearly 300 years of trading.

Aug. 3 - Omega Navigation Enterprises, which transports refined petroleum products, files for Chapter 11 bankruptcy protection in the United States.

July 2 - Sanko Steamship, one of Japan's oldest shipping firms, files for bankruptcy. The dry bulk and tanker shipping firm estimated total debts of 155.8 billion yen ($1.95 billion)

May 30 - B+H Ocean Carriers Ltd, which transports both dry and wet cargoes, files for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

May 3 - Italian shipping company Deiulemar Compagnia di Navigazione is declared bankrupt owing about 860 million euros.

March 14 - Units of PT Berlian Laju Tanker, Indonesia's largest oil and gas shipping group, files for Chapter 15 creditor protection in a U.S. bankruptcy court.

Nov. 17, 2011 - General Maritime Corp, a crude oil and refined petroleum products shipper, files for Chapter 11 bankruptcy protection.

Nov. 16, 2011 - Trucking and marine freight service provider Trailer Bridge Inc files for Chapter 11 bankruptcy protection. The company emerged from bankruptcy in April. (Reporting by Divya Lad)

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