Japanese private equity has moved into distressed shipping investment for the first time through a new preferred shares issue from Daiichi Chuo Kisen.
Daiichi is raising a total of ¥8.5bn ($82.2m) as it builds up cash reserves to cushion it from a pending $165m compensation payout. As part of the process, it is also reducing the scale of its operations and is understood to be considering closing down a bulker joint venture with China’s Shagang Shipping.
Tokyo-based
