News / Cash-strapped Hanjin in last-ditch plea for rate cuts from shipowners and terminal operators

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The chief executive of Hanjin Shipping, Tai Soo Suk, has written to owners of the ships it has on charter – and apparently to container terminal operators – pleading for help with rates.

A letter to a shipowner from the cash-strapped South Korean carrier was seen yesterday by a shipbroker source.

It says: “Upon careful analysis of the business outlook and financial projections with the assistance of outside experts, our management has come to the conclusion that our own efforts alone may fall short of fully resolving the liquidity issues ...