Deutsche Bank: Hanjin may need debt relief

Hanjiin Shipping is in trouble. The major shipping group may soon be forced to go door to door and beg creditors for debt relief, notes Deutsche Bank.

Photo: Hanjin

While Hyundai Merchant Marine is fighting to avoid receivership, another South Korean shipping giant, Hanjiin Shipping, is also struggling and barely keeping its head above water The carrier may need debt relief from its creditors if it cannot renegotiate charter rates on several of its 56 chartered vessels, writes Deutsche Bank, citing Korean media Mael Business Daily.

According to Deutsche Bank, shipowners Seaspan and Greece-based Danaos are among those with vessels trapped on charter with Hanjin Shipping.

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