Two crew killed in engine room blaze as Cosco box ship bunkers at Houston
An engine room fire on the Danaos-owned M/V Stride claimed the lives of two seafarers ...
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By Mike Wackett
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 HMM on 15 July for a three-and-a-half-year 20% reduction in charter hire payments for 13 vessels leased to the South Korean carrier.
After this period, the original contracted rates for ships with remaining hire periods will be ...
Comment on this article
David Lee
August 03, 2016 at 2:46 pmDanaos 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.
Mitchel Diel
August 15, 2016 at 4:43 amOkay 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?