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Biz News Korea(Eng)

Hyundai Merchant Marine makes progress in chartering fee deal: FSC chief

Collected: 2016.05.30

Distributed: 2016.05.31

Source: Go Direct

[Yim Jong-yong]

Hyundai Merchant Marine Co., South Korea’s second-largest container carrier, has made significant progress in its negotiations with foreign ship owners to bring down chartering payments, according to Yim Jong-yong, chairman of the Financial Services Commission (FSC).

Speaking to reporters on Monday after attending a joint Fintech seminar marking the 130th anniversary of Seoul-Paris diplomatic relations, Yim said that Hyundai Merchant Marine and foreign ship owners have agreed on the direction of new terms and are ironing out the details.

He said there has been “significant progress” in the overall negotiations, but the final result may not come out by Monday.

He emphasized that it is important for the financially-troubled shipper to strike a deal rather than working against a deadline. He indicated that the scope of cut in the fees remains to be further discussed.

He said the government and creditors will provide moral support and do their part to help Hyundai Merchant Marine rejoin a maritime alliance group when members of the G6 alliance hold their meeting in Korea on June 2. Hyundai Merchant Marine, a member of G6, failed to get on the new Far East-Europe trade route dubbed “THE Alliance” launched by G6 members Hapag-Llyod of Germany and Japanese shippers. Hanjin has become latest to join the newly formed alliance.

By Chung Seok-woo

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