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.