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Korean plea to shipowners: Drastic rate decline is necessary

Hanjin's senior management has published the content of a letter sent to shipowners that have charter contracts with the carrier.

Photo: Hanjin

A reduction of at least 30 percent in Hanjin Shipping's leasing agreements with foreign shipowners is necessary if South Korea's biggest carrier is to continue operations and obtain financial support from creditors.

This is the assessment from the group's largest creditor, Korea Development Bank (KDB), according to several media sources after Hanjin's senior management published the content of a letter sent to shipowners that have charter contracts with the carrier.

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