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

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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.