Japanese shipowner Kumiai Senpaku has condemned breaches of charter contracts by foreign shipping companies and called for an improvement in the code of ethics.
Company president Nobutaka Mukae is dismayed by the rising number of companies seeking to walk away from charters in response to the dry bulk market collapse.
“We are extremely saddened by the misconduct of foreign companies when they terminate their contracts by ‘quick death’ or through unilateral rate reductions and unprofessional rate renegotiations,” he told TradeWinds.
