Hanjin Shipping Still in Talks on Charter Rate Cuts

South Korea’s cash-strapped company Hanjin Shipping has still not reached an agreement with shipowners on charter rate cuts, according to The Korea Herald.

Namely, the company is negotiating with 22 shipowners as part of its self-rescue efforts.

The announcement follows recent reports that Hanjin Shipping has “almost reached a deal” for a 27-28 percent charter rate cuts, Yonhap writes.

If the talks bear fruit, the company would reportedly save up to KRW 700-720 billion over the next three and a half years.

The ailing shipping firm failed to receive any positive response in its first round of talks on charter rate cuts.

Currently under creditor-led restructuring, Hanjin earlier started negotiations with local and financial companies in an effort to delay the repayment of its KRW 2.5 trillion (USD 2.16 billion) debt by up to three years as it struggles to boost liquidity.

The financially troubled company tried to get back on track as it disposed of a number of its assets.

Hanjin’s latest sale included the disposal of over 21 percent of its stake in the Vietnamese Tan Cang Cai Mep International Terminal (TCIT), raising a total of some KRW 37.7 billion (USD 32.8 million).

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Ocean Energy Europe Conference & Exhibition 2018

The annual Ocean Energy Europe Conference & Exhibition is the meeting point for the whole ocean energy sector…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

CWC World LNG & Gas Series: 10th Asia Pacific Summit

Bringing together the key LNG buyers and sellers from across the globe, the Summit provides…

read more >

Offshore Energy Exhibition & Conference (OEEC)

It is unique in bringing together the oil and gas, offshore wind and marine energy industry…

read more >