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Gerry Wang dismisses impact of Hanjin bankruptcy

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.

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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.

Comments

  1. Hanjin Shipping, Filing for Bankruptcy, Was the “Smart Move”, and Sadly, Everyone, Is So Concerned about HANJIN Fallout. You better Be concerned For All of These Container Shipowners Debt. Beside HANJIN. They owed the least what $4.1B.This is nothing Compared, To The Rest of Global Container Owners, & Vast Debt. #4 CMA/CGM, Buying American President Lines, (APL) Last year got them Into More Debt Problem Now Totaling with Interest of $8B, Hapag Lloyd Has $5.2B, & That That Merger Partner In the Middle East, What? USAC, Was Terrible Idea, Their debt is $6B, Yea that made a lot of sense..Even MAERSK Got Debt, They been laying off People for Years, & Still cant get their debt in line. They laid off wrong people, Maybe Executives this time around, Who make more money…Hyundai Merchant Marine is $6.8B, Owe $2.2B on September 1, 2016, Cant Pay, Everyone is in Debt Period., But Nobody Wants to talk about it..Hanjin Shipping, You did the right thing, Filing..In Bankruptcy, #1, Get out from under Container Market, That is losing market and Will be for Ten (10) Years to Come, Keep Shipbuilding Division, Everyone Needs Ships..Just asked for +50% Up Front Next Time, From These Ship-Owners, As these are same people, just screwed you into bankruptcy..Had they paid you, you in a timely manner, would not be filing now.

  2. Is it time for likes of Seaspan to think about plunging into running their own liner service? A fleet of over 80 ships in the current Liner Market could put them at more risk with such bankruptcies!!

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