No deal: Gerry Wang refuses to budge on Hanjin charter renegotiations

No deal: Gerry Wang refuses to budge on Hanjin charter renegotiations

The chairman of Hanjin Group has met with its lead tonnage provider Seaspan this week, but has failed to get its charter fees slashed. Creditors have demanded the Korean line cut the costs of its chartered-in fleet by as much as 30% as a key first step in its restructuring. Failure to do so will result in court receivership.

Cho Yang Ho, Hanjin Group chairman, met with Seaspan’s ceo, Gerry Wang to discuss the charter fees of the seven boxships Hanjin has on charter from the Vancouver firm.

However, speaking with Bloomberg yesterday, Wang reiterated a firm stance he has had since negotations started a month back.

“We do not accept any rate cut,” Wang told Bloomberg. “We have never done it. We won’t tolerate a contract re-negotiation. Any call for rate cut is illegal by international laws.”

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

The line meets with its bondholders today to persuade them to take part in the restructuring plan led by the creditor banks.

Earlier this month, Hanjin said talks with foreign tonnage providers are progressing “as planned”.

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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