Danaos most exposed if Hanjin Shipping starts to renegotiate contracts

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.

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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