Receivership beckons for HMM as charter negotiations are called off

This report from Splash247 suggests that the end is almost nigh for Hyundai Merchant Marine. South Korea’s Financial Services Commission announced that it would likely propel the company into receivership after it had failed to get the daily charter hire rate reductions from shipowners necessary for it to proceed with its financial restructuring. The financial watchdog said it was “unviable” for Hyundai to indefinitely extend charter hire negotiations, given that its shipowners had so far shown absolutely no interest in reducing daily rates, but without a reduction, the “normalisation” of its balance sheets would be impossible to achieve.