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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.
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Comment on this article
Seo GoldenMay 24, 2016 at 5:48 am
KLC, Korea Line Corporation and STX Pan Ocean underwent the court receivership in 2010 and 2013 respectively. Navios Maritime Partner which lent bulk carrier vessels to both shipping companies didn’t receive any money at that time. The two shipping companies cleared in the court receivership and then were sold to other companies. Therefore, Navios Maritime Parter showed the most positive way to discount the charterage for HMM, Hyundai Merchant Marine.