Ship operator Daiichi Chuo K.K. may cancel ship orders, pare its fleet and sell new stock after getting emergency financing from shareholder Mitsui O.S.K. Lines Ltd. to help weather a slump in dry-bulk rates.
"We're considering a drastic reform package," President Masakazu Yakushiji said in a recent interview at the company's Tokyo head office. "We never thought the market would stay this low for this long."
The company is in talks about canceling or delaying 10 of 60 on-order dry-bulk vessels as it heads toward a second straight annual loss.