One of the key players in the four-month lead up to the world’s largest ever container shipping bankruptcy has distanced himself from the fallout.
Gerry Wang, head of Vancouver-based Seaspan Corporation, a tonnage provider to now bust Hanjin Shipping, has said ships he chartered out to the Korean line will find alternative employment.
Wang is responsible for a total of seven large boxships on charter to Hanjin. The Korean line filed for court receivership on Wednesday after creditors baulked at supporting its enormous losses the day prior. An important part of its creditor-led restructuring had been to get tonnage providers, such as Seaspan, to cut charter fees. Wang, and other shipowners, had held back from cutting charter fees, presaging the pullback from key creditors earlier this week.
“For us, it is a small percentage of our business – like 3 out of 100,” Wang told Splash today in an exclusive interview. “We are exploring all options and see which one gives us the best value. These are extremely modern and high-end vessels – I am sure we can find them a home in the near future.”
Other tonnage providers likely looking for new business are Conti, Ciner, Danaos, Pacific International Lines and Rickmers. In total, Hanjin Shipping, South Korea’s number one shipping line, has 61 ships chartered in.
Splash will be providing continued updates on the Hanjin upheaval. To view our full archive on container shipping’s largest ever bankruptcy, click here.