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Vessel arrest ratchets up pressure on Hanjin Shipping

In a sign of just how tough a financial position hard-up Hanjin Shipping really is in, one of its ships has been arrested. The Hanjin Paradip, an 82,158 dwt bulker, owned by the Korean firm, was detained in Richards Bay on May 24 due to unpaid charter fees to an unspecified owner.

Hanjin Shipping, which has entered restructuring, is negotiating with tonnage providers to get rates cut on its chartered in fleet, a crucial first step outlined by creditors who have warned the line it will face court receivership if it fails to get deals fixed with its tonnage providers.

“There were some arguments with a charterer and we are doing our best to resolve this problem as soon as possible,” a Hanjin spokesperson told Splash today, adding that the company is in the midst of selling various assets and once these sales go through the bulker wrangle in South Africa should be fixed by the end of the month.


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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