Hanjin Shipping seeks debt repayment extensions

Hanjin Shipping seeks debt repayment extensions

In the lengthy restructuring process at South Korea’s number one shipping line, Hanjin Shipping has now started negotiations with foreign lenders to extend the maturity of some of its debts, according to the Korea Herald.

Hanjin is discussing extending repayment of KRW150bn ($130m) of debt due at the end of 2017. In total Hanjin owes foreign financial institutions around KRW3.2trn as part of its financing for a series of newbuilds.

Hanjin has also been negotiating with its tonnage providers to try and get charter costs cut.

The line is one of many shipping and shipbuilding companies to have plunged into financial trouble in South Korea this year.

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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