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Hanjin Shipping secures reduced charter rate deal

After several months of negotiations, Hanjin Shipping has now succeeded in landing an agreement with shipowner Seaspan for reduced charter rates. The carrier has also submitted a restructuring proposal.

Photo: Hanjin

Hanjin Shipping is currently racing the clock to avoid a bankruptcy, but the South Korean container carrier now looks to have secured a critical breakthrough in its rescue efforts.

News bureau Yonhap News reports that the carrier has managed to agree with container ship lessor Seaspan to reduce charter rates for several of the vessels leased to Hanjin by Seaspan on long-term charter contracts.

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