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‘Charter talks are progressing as planned’: Hanjin Shipping

Hanjin Shipping has stressed its negotiations with foreign owners on cutting charter costs are continuing. The negotiations are a key first hurdle laid out by creditor as the debt laden Korean line embarks on an extensive restructuring.

“We have completed our first round of negotiations, where we presented the need for a charter rate adjustment, and the talks are progressing as planned,” the company said in a statement released yesterday. Among its many tonnage providers, its largest, Seaspan, has already publically stated it will not budge in charter negotations.

Another Korean line in the same situation, Hyundai Merchant Marine (HMM), is expected to make an announcement shortly on its own progress with dialogue with its tonnage providers.

If either line fails to get their chartered in fleet costs cut significantly creditors have warned they will enter court receivership.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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