Shortly after Hanjin’s announcement that it was looking to lower charter rates through the ship-owners in order to lower its debts, the shipping company has had its request rejected by containership leasing company Seaspan Corporation, who said it will not accept a cut of 30%, according to Bloomberg.
Gerry Wang, CEO of Seaspan, said: “We do not accept any rate cut. We have never done it. We won’t tolerate a contract re-negotiation. Any call for rate cut is illegal by international laws.”
Park Moo Hyun, an analyst at Hana Daetoo Securities Co. in Seoul, said: “This increases the uncertainties of the restructuring plan. Fundamentally, Hanjin Shipping needs more efficient vessels if it really wants to remain competitive.”
Technical Paper: The Freight Rate Mystery Explained
PTI previously reported that Hanjin Shipping was looking at lowering its charter rates so that it could begin to clear debts and effectively place orders for mega-ships.
It was recently reported that the Korean government was looking to merge both Hanjin Shipping and fellow Korean carrier Hyundai Merchant Marine, if they are able normalise their management structures.
Hanjin could be set for a slow, yet progressive recovery, after recent PTI reports that the shipping line has seen a marginal increase in its finances, having climbed by more than 6% in the week to June 7, 2016.
