News / HMM shareholders 'wiped out' as Danaos charter rate agreement seals carrier restructure

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02/08/2016

Greek containership owner Danaos Corporation confirmed yesterday it has reduced Hyundai Merchant Marine’s (HMM) charter fees in exchange for equity in a restructured company.

And in its first-half results released yesterday, Danaos said HMM’s existing shareholders have been “effectively wiped out” by the restructure of the carrier.

Danaos said it reached an agreement with ...

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David Lee
August 03, 2016 at 2:46 pm
Danaos had already set a precedent with ZIM, HMM and other shipping line clients will seek charter hire reductions or amendments to the terms of their charter parties in order not to lose customer such as HJS, Hanjin Shipping.

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Mitchel Diel
August 15, 2016 at 4:43 am
Okay and so given that you know we’re beginning to see some financial distress, are you beginning to see maybe some interesting opportunities on the sale respect from liner companies where you can come in and maybe get some good value out of vessels on the medium to long term charters? Is that something you’re beginning to see now and inbound calls from maybe distressed opportunities?

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