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.
More from ShippingWatch
A VAT dispute in Latvia has now left ferry operator DFDS with millions of kroner in extra costs and a future of navigating a bureacratic minefield. However, the Danish carrier predicts challenges throughout the industry: ”It is only when it’s actually happening, that you realize it is a problem,” warns the company’s indirect tax manager.