The wave of bankruptcies and mergers in the shipping industry has hit another firm.  Toisa Ltd. filed for Chapter 11 bankruptcy protect in the US federal court in Manhattan.

Toisa is owned by Greek shipping magnate Gregory Callimanopulos and chartered in Bermuda.  It has has a global fleet of 26 offshore oil service vessels, 13 tankers, and seven bulk ships, according to court document.

But oil prices have fallen by about half since 2014, and offshore energy producers have responded by cutting back on capital spending which has undermined demand for supply vessels.  And that has gutted demand for Toisa's fleet.  The company claims to have more than US$1 Billion in debt.

The company had been in talks with lenders in London, but several creditors took action on their own loans and the company sought Chapter 11. 

The last twelve months have not been kind to the shipping industry.  Last year, South Korean shipping giant Hanjin ran out of cash, stranding its container ships at sea.  Japan's Nippon Yusen K.K., Mitsui O.S.K. Lines Ltd., and Kawasaki Kisen Kaisha Ltd. merged their container business to compete in a shrinking world.  The Oetker Group announced the sale of its shipping company Hamburg Sud to Maersk Line.  And more and more small shipping lines were forced to finds ways to survive plunging demand for their services.