Media: Shipowners put pressure on debt-plagued Hyundai

The biggest shipowners with charter contracts caught up in Korea's Hyundai Merchant Maritime are allegedly putting their foot down and have rejected a reduction of rates in the signed charter contracts.

BY DANIEL LOGAN

Published: 12.04.16 at 08:56

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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

Access all locked articles
Receive our daily newsletters
Access our app

Start a free company trial today

"The challenges we face as an industry require more skills and competencies"

Foto: Lucy Nicholson/Reuters/Ritzau Scanpix

They are a generation of future maritime leaders shaped both by Covid-19 and shutdowns and now by a world filled with tension. Four potential future managers enrolled in the Blue MBA program give their take on why it is important to improve your skills.

Leading shippers prepared to pay 10% extra for sustainable transportation

Shippers are willing to pay more for ”green” transportation if it’s reliable. But they have to state their wishes more clearly, and prices have to be lowered, writes McKinsey in a new report, which provides suggestions for how to accelerate decarbonization.