‘We’ll not entertain the rate reduction’: Gerry Wang remains firm on Hanjin charters

Gerry Wang, the head of Seaspan Corp, has firmly reiterated his stance that he will not budge in charter renegotiations with South Korea’s Hanjin Shipping.

Creditors have demanded Hanjin Shipping cuts its fees of its chartered in fleet as part of its large restructuring process. Seaspan has seven 10,000 teu ships on charter to South Korea’s largest shipping line.

Speaking at Seaspan’s interims yesterday, Wang said: “We’ve made it very clear. We’ll not entertain the rate reduction.” Wang said his company had never renegotiated charter contracts. The chairman of Hanjin Group had held talks with Wang to discuss the matter last month, but came home without being able to strike a deal.

Speaking with Splash last month, Wang said: “I hope the Korean government is fully aware that this is not just a Hanjin Shipping issue – it is concerning their shipbuilding industry, their exports, their national shipping lines, their reputation as law-abiding OECD country.”

Hanjin’s creditors are expected to give the line an extra month through to early September to get its restructuring in place. The threat of court receivership looms over the line if it is unable to strike deals with Seaspan and other tonnage providers.