Rescue plan for Korean shipping giants enters 11th hour

International shipowners with heavy contracts tied up with South Korean carriers Hanjin and Hyundai will in a few days be presented with a final proposal, an ultimatum, to reduce charter contracts. A South Korean shipping merger looks increasingly likely.

Photo: Hanjin

At the beginning of this month, international shipowners with long term and costly contracts tied up in the two crisis-stricken South Korean shipping conglomerates, Hanjin Shipping and Hyundai Merchant Marine (HMM), will be presented with a final proposal that will likely include drastically reduced charter rates.

And a merger of the two carriers is also looking increasingly likely after the latest comments from the South Korean government in Seoul and the companies' largest creditor Korea Development Bank.

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