JAPANESE ship owner, United Ocean Group (UOG) has filed for receivership in Tokyo District Court over on December 31st having succumbed to over USD 1bn of debt.

The company failed to pay it dues to the creditors, including Mizuho and Tokyo Mitsubishi, due to cash flow deterioration resulting from profit slump as shipping market underwent an economic slowdown.

Namely, the tonnage supplier experienced difficulties in securing work for its vessels accruing losses and resorting to off hire.
According to World Maritime News, the court filing was submitted under the name Ramos Corporation and includes all 38 Panama and Singapore special-purpose shipowning companies operating under UOG.

UOG’s financial problems started to affect the company in November and are linked to IBJ Leasing Co’s financing of the 81,918-dwt kamsarmax bulker United Prestige.

The company’s fleet comprises 40 vessels, 33 bulk carriers and seven car carriers.

Meanwhile, the International Maritime Organisation (IMO) has advised members to recognise the need for international shipping, which accounts for 2.2 per cent of carbon dioxide emissions, to support global efforts to mitigate the impact of climate change.
IMO comments follow the climate change agreement reached at the 2015 Paris Climate Change conference (COP21).
Welcoming the agreement, IMO claimed to have contributed, and said it will continue to contribute, to global greenhouse gas (GHG) reduction goals, reported London’s Tanker Operator.

Commenting on the Paris Agreement, IMO secretary general, Koji Sekimizu, said, “The absence of any specific mention of shipping in the final text will in no way diminish the strong commitment of IMO as the regulator of the shipping industry to continue work to address GHG emissions from ships engaged in international trade.”
The IMO has adopted energy-efficiency measures that are legally binding across the global shipping industry and apply to all countries.

For example, mandatory energy efficiency standards for new ships, and mandatory operational measures to reduce emissions from existing ships, entered into force under an existing international convention (MARPOL Annex VI) in 2013. By 2025, all new ships will be 30 per cent more energy efficient than those built last year.
IMO said this is more than a target, adding that it is a legal requirement, and demonstrates that IMO is the correct and only forum to identify solutions and an appropriate pathway for international shipping to de-carbonise with the rest of the globe, the organisation stressed.

IMO said continuing efforts will include development of a global data collection system for ship’s fuel consumption to be discussed at the next meeting of IMO’s MEPC in 2016, further consideration of a reduction target for GHG emissions from international shipping, and continued investigation of additional mechanisms for ships to support the implementation of the Paris Agreement.
During COP21, IMO reported on its work on further developing guidelines to support the uniform implementation of the regulations on energy-efficiency for ships; and on its efforts with regard to technical co-operation and capacity building to ensure enforcement of the new regulations worldwide, and activities to support promotion of technical co-operation and transfer of technology to improve energy efficiency of ships.

Meanwhile, the International Chamber of Shipping (ICS), which represented the shipping industry at the 2015 Paris Climate Change conference (COP21), said the sector remains committed to reducing CO2 emissions per tonne/kilometre by at least 50 per cent before 2050, compared to 2007, across the entire global merchant fleet.