One of Japan's oldest shipping firms, Sanko Steamship, filed for bankruptcy on Monday after months of battling with ship owners over the restructuring of $2 billion in debt, becoming the latest casualty of the four-year-old shipping industry downturn.
The dry bulk and tanker shipping firm, started in 1934, joins U.S.-based General Maritime Corp, the Containership Company, and South Korea's Korea Line in seeking bankruptcy protection amid rock bottom freight rates, an oversupply of vessels and high bunker fuel prices.
Sanko said it gave up the out-of-court settlement process it had pursued since March, and chose to seek protection from its creditors.
That was because it found itself in a severe cash flow problem as multiple ship owners retaliated against the rescheduling of charter fee payments by seizing Sanko-owned ships among others, the company said in a statement.
A collection of materials related to a 17th century mission sent by a Japanese feudal lord to Europe and the world's oldest autographic diary left 10 centuries ago by a Japanese regent have been selected for the UNESCO Memory of the World registry, the Japanese education ministry said Wednesday. (Global Post )
Almost 1,500 people were transported to hospitals by ambulance due to heatstroke last week, up sharply from 942 in the preceding week, the Fire and Disaster Management Agency said Tuesday. (Japan Times )
Police said Tuesday that a mummified body was found earlier this month in a storage cabinet in a restaurant in Morioka, Iwate Prefecture. (Japan Today )
Among about 200,000 traffic signals nationwide, 16 percent are being used beyond the end of the expected lifetime of their electrical systems and some have even toppled over due to age, according to the National Police Agency. (Yomiuri )
Mt. Fuji, the tallest mountain in Japan, will likely see its summer "traffic jam" of climbers worsen this year thanks to its expected addition to the UNESCO World Heritage List. (Yomiuri )
In May, Akira Ikoma, the editor of a guide to men's entertainment called Ore no Tabi (My Journey), said that "Abenomics" had caused a spike in prices at high-end soapland bathhouses in Tokyo. However, the same editor tells Shukan Post (June 28) that the initiative is not impacting the low-end market in the same way. (Tokyo Reporter )
Police said Monday they have arrested a 64-year-old woman in connection with the murder of her 59-year-old partner in Seki, Gifu Prefecture. (Japan Today )
Tokyo Metropolitan Police on Monday announced the bust of a massage parlor in the Gotanda area of Shinagawa Ward on charges of prostitution. (Tokyo Reporter )
Tokyo District Court decided on Monday to open planned examinations of three witnesses who are former senior members of the Aum Shinrikyo doomsday cult and now death-row inmates, during an upcoming trial of another former senior Aum member. (Jiji Press )
A collection of materials related to a 17th century mission sent by a Japanese feudal lord to Europe and the world's oldest autographic diary left 10 centuries ago by a Japanese regent have been selected for the UNESCO Memory of the World registry, the Japanese education ministry said Wednesday. (Global Post 
) 
Almost 1,500 people were transported to hospitals by ambulance due to heatstroke last week, up sharply from 942 in the preceding week, the Fire and Disaster Management Agency said Tuesday. (Japan Times 
Police said Tuesday that a mummified body was found earlier this month in a storage cabinet in a restaurant in Morioka, Iwate Prefecture. (Japan Today 
Among about 200,000 traffic signals nationwide, 16 percent are being used beyond the end of the expected lifetime of their electrical systems and some have even toppled over due to age, according to the National Police Agency. (Yomiuri 
Mt. Fuji, the tallest mountain in Japan, will likely see its summer "traffic jam" of climbers worsen this year thanks to its expected addition to the UNESCO World Heritage List. (Yomiuri 
In May, Akira Ikoma, the editor of a guide to men's entertainment called Ore no Tabi (My Journey), said that "Abenomics" had caused a spike in prices at high-end soapland bathhouses in Tokyo. However, the same editor tells Shukan Post (June 28) that the initiative is not impacting the low-end market in the same way. (Tokyo Reporter 
A competition has been held near Tokyo to choose the season's best loquats, or biwa fruit, to be presented to the Imperial Household. (NHK 
Police said Monday they have arrested a 64-year-old woman in connection with the murder of her 59-year-old partner in Seki, Gifu Prefecture. (Japan Today 
Tokyo Metropolitan Police on Monday announced the bust of a massage parlor in the Gotanda area of Shinagawa Ward on charges of prostitution. (Tokyo Reporter 
Tokyo District Court decided on Monday to open planned examinations of three witnesses who are former senior members of the Aum Shinrikyo doomsday cult and now death-row inmates, during an upcoming trial of another former senior Aum member. (Jiji Press