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HMM and Hanjin share prices soar on optimistic charter talks

The share prices of South Korea’s leading two shipping lines rocketed today on speculation that significant advances had been made with their business partners.

Hyundai Merchant Marine (HMM) closed in Seoul on KRW12,200, up 29.65%, while Hanjin Shipping finished up 20.78% on KRW2,005.

Both Hanjin Shipping and HMM as part of their restructuring have been in negotiations with tonnage providers to get the rates of their chartered in fleets cut by close to 30%, a key first hurdle creditors have set the pair if they are to avoid court receivership.

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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.
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