South Korean media is awash with reports that Hanjin Shipping could follow Hyundai Merchant Marine in seeking urgent charter contract renegotiations with shipowners as it fights to repay more than $1bn of debt this year.
A report from Deutsche Bank analyst Amit Mehrotra notes there are 22 shipowners with 56 ships who could be hit by Hanjin’s troubles, with Greece’s Danaos most exposed, followed by Seapan.
“As we’ve seen with ongoing negotiations with Hyundai Merchant Marine, contract renegotiations are not so simple, especially given the strategic importance of the shipping companies to the country and region,” Mehrotra noted.
