Daiichi Chuo Kisen Kaisha announced its emergence from Tokyo District Court bankruptcy administration last week.

The Tokyo-based firm is under new ownership, has a dramatically scaled down fleet and a fresh outlook on the shipping business.

It fell into bankruptcy in 2015 when ambitious growth plans and over expansion in newbuildings saw it hit the buffers in the dry bulk recession.

Its expensive chartered-in ships could not pay their way in the moribund market and the company folded owing creditors ¥400bn ($3.87bn).

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