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Biz News Korea(Eng)
Hanjin Shipping’s dry bulk carrier held hostage in South Africa due to overdue charger fees
- Collected
- 2016.05.26
- Distributed
- 2016.05.27
- Source
- Go Direct
Hanjin Shipping’s dry bulk carrier held hostage in South Africa due to overdue charger fees
Hanjin Paradip, a 82,158-deadweight tonne dry bulk carrier, has been prevented from leaving a port in South Africa with the owner of the vessel threatening to seize the ship if Hanjin does not pay its overdue lease fees.
Hanjin Shipping explained payments were delayed due to slow progress in collecting cash proceeds from asset sales and claimed the problem could resolve soon. But problem-solving won’t be easy if multiple ship-owners take similar action on its container fleet. Persuading a bulk carrier owner is easier as there is just one ship owner and cargo customer to deal with.
Hanjin Shipping currently operates 95 container carriers and 56 dry bulk carriers, of which 33 are leased out and 23 self-owned. Any disruption in container service could deal as a heavy blow as containers ships are aligned to global shipping network involving a number of clients. The trouble in South Africa may indicate that the company’s liquidity woes are beginning to affect its operation.
The shipping company, however, cannot receive additional aid for operation under workout arrangement with creditors. The only relief would have to come from its parent Hanjin Group.
By Yoon Jin-ho and Lee Seung-yoon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]