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.
BY OLE ANDERSEN
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.
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