Analysis: 2020 – the financial watershed year for Hapag-Lloyd
When Rolf Habben Jansen took the helm of Hapag-Lloyd in 2014, the German carrier was ...
By Alex Lennane
Shippers and forwarders could face multi-million-dollar bills from Hanjin if its creditors sue customers which failed to deliver all the cargo stated in the Minimum Quantity Commitment (MQC).
According to consultancy SeaIntel, shippers could face claims for between $40m and $300m.
The potential claims follow similar action involving The Containership Company (TCC), which went bankrupt in 2011.
Its lawyers argued that the MQC in annual service contracts – stating the volumes shippers pledge to deliver over the contracted period – should hold, and failure to deliver ...
Comment on this article
Alex von Stempel
October 16, 2016 at 1:40 pmIf if can be proved that most parties (shippers and carriers) can be found to have persistently ignored Minimum Quantity Commitments in Service Contracts, how can HANJIN creditors hope to win such a case against HANJIN customers who may have fallen foul of MQCs in the past? If moreover it can be proved that despite of some customers having not fulfilled MQCs that some of the same customers had been offered subsequent discounts what chance would HANJIN Creditors have that courts might rule in their favour?