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© Erin Cadigan
By Mike Wackett
Non-operating owners of containerships chartered to Hanjin face huge revenue losses and, once the vessels are returned, bleak prospects for their new employment.
Of its total fleet of 102 vessels, Hanjin had 65 on charter when it entered court receivership on 31 August, many leased long-term at fixed daily rates.
The first priority for owners is to terminate the charters and get their ships back under their control – but they face weeks, if not months, of delay as the vessels are effectively held hostage by creditors around the world.
Before its collapse, Hanjin was already seriously in arrears with ...
Comment on this article
Ed Enos
September 16, 2016 at 4:14 pmPerhaps these owners are rethinking their decision they made weeks or months ago, when Hanjin proposed a charter renegotiation. Owners refused that proposal. They opted to NOT negotiate any change. So instead of getting ‘something’ from Hanjin, the owners witnessed the collapse and now are getting nothing at all.
Ultimately, Hanjin may have had more time, but in the end, the outcome was likely the same.
The entire industry has watched this slow moving train wreck, including owners who jumped in with everyone else on a building binge! Even after it was clear that the market was not able to absorb more capacity, they continued to build. I’ve little sympathy for the owners in this case, the banks that were happy to throw money at them, or the private equity investors who were all in too.
It was a gamble, a bet. Your loss. Now they will all turn to their respective governments or some other source of cash and, with their hands out begging, look for somebody else to “bail them out”. Good luck with that. I truly hope hardworking citizen taxpayers will not have to shoulder this burden, too.
Park
September 18, 2016 at 4:59 pmShip owners’ greed forced Hanjin Shipping to collapse.
They won’t receive anything from Hanjin from now on.
Which shipping companies will recharter the vessels ?