Halifax a winner as vessels re-route due to US east coast strike
The Canadian east coast gateway of Halifax – and, by extension, port operator PSA which ...
By Mike Wackett
In the struggle to get shipowners to reduce their charter hire rates, Hanjin Shipping has been unsuccessful so far, but compatriot Hyundai Merchant Marine (HMM) claims it has made “significant progress”.
Under debt restructure terms, both cash-strapped South Korean shipping groups must achieve charter hire cuts of around 30% to avoid creditors placing them into court receivership.
HMM first wrote to shipowners in early February and followed this up with negotiations in London and “final” meetings in Seoul last month, with the carrier having reportedly achieved only a ...
Comment on this article
Jason
June 05, 2016 at 8:10 amHi mike “Claims to be”
Were you not stating few weeks ago they going administration !!
These cut and paste stories from other sites are not good for business .
So in your professional opinion m now it’s HAnjin .
Surely when you print information it has to be factual .
Mike Wackett
June 06, 2016 at 1:22 pmHello Jason,
Our information on the charter hire reduction progress comes directly from HMM’s PR firm, Weber Shandwick.
HMM remains subject to a Voluntary Restructuring Agreement led by its creditors, as does Hanjin Shipping.
jason
June 06, 2016 at 2:30 pmA Company Voluntary Arrangement (CVA) is a legally binding agreement that allows a company to freeze all unsecured debts, and draw up a new repayment schedule and new terms.
Why would any client of a PR company confirm to the media that they are about to hit the wall??
Alex
June 12, 2016 at 8:27 amThere’s no data or publication on hmm PR site . Strange