Hanjin Shipping expected to be given extra month to get restructuring set

Hanjin Shipping expected to be given extra month to get restructuring set

Hanjin Shipping is expected to be given an extra month to get its debt rescheduling program in place.

Korea Development Bank and other creditors will meet next week to discuss extending the initial August 4 deadline by one month.

Among many measures creditors have demanded, Hanjin Shipping must negotiate lower charter fees from its tonnage providers, something that has proven tricky so far with Gerry Wang, head of Seaspan, among a number of companies refusing to budge on the matter.

Hanjin Shipping is in discussions with 22 different owners over 60 chartered-in boxships and bulkers, including seven Seaspan boxships.

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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