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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.

Photo: Hyundai Merchant Marine

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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