Seaspan relents in charter negotiations with Hanjin Shipping

Seaspan relents in charter negotiations with Hanjin Shipping

Hanjin Shipping has announced major progress in negotiations with tonnage providers and lenders, suggesting it will survive the September 4 deadline laid down by creditors. Crucially, Seaspan has agreed to slash charter rates to the embattled Korean line. The Gerry Wang-led firm had been resolute up until now in not cutting charter rates, a key hurdle demanded by Hanjin’s creditors.

Moreover, foreign banks such as Credit Agricole said they will consent to a delay in the repayment of loans.

“With the charter rate cut talks completed, it could have the effect of saving some KRW800bn ($718m) in cash, and we will have the effect of raising a total of KRW1.27trn when a delay in loan repayments is considered,” Hanjin Shipping said in a statement on Sunday.

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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