Major Japanese tonnage provider United Ocean Group (UOG) has filed for receivership in the Tokyo District Court, owing creditors a total of ¥140bn ($1.18bn).
UOG follows Sanko Steamship and Daiichi Chuo Kisen in seeking rehabilitation in Tokyo — Japan’s third major shipping bankruptcy in the past two years.
UOG, which was founded in 1995 by 55-year-old Indian national Vipan Sharma, who was raised in Japan since the age of 10, built its business as a tonnage provider to the country’s majors and has had a strong commercial relationship with Nippon Yusen Kaisha (NYK).
It
