Japanese tonnage providers, which have already been beaten hard by the collapse of Sanko Steamships and Daiichi Chuo Kisen, are now facing more demands for charter-hire payment cuts from operators struggling to survive the dire dry bulk market.

Singapore’s Pacific Carriers Pte (PCL), Oslo-based Western Bulk and others are understood to be seeking reduced terms.

Operators who took in expensive, Japanese-built dry bulk tonnage financed through long-term charter arrangements are among those suffering the most as the market shows no sign of recovery.

Tokyo-based