The three major shipowners with container ships on charter with the struggling Korean shipping group Hyundai Merchant Marine (HMM) have seemingly put their foot down and continue to reject a reduction of the daily charter rates, reports news media The Loadstar citing sources close to the negotiations.
The talks between Hyundai and the shipowners concerning a reduction of the rates are seen as crucial in terms of whether Hyundai can secure a final agreement with banks and other creditors, including top lender Korea Development Bank, in order to avoid receivership and, in the worst case scenario, filing for bankruptcy.
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