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Biz News Korea(Eng)

Hyundai Merchant Marine fails to lower charter fees

Collected: 2016.05.20

Distributed: 2016.05.27

Source: Go Direct

South Korea’s ailing Hyundai Merchant Marine Co. has gotten closer to court receivership option as it has failed to persuade foreign ship owners to cut charter fees, a condition the shipper has until next week to receive debt relief from creditors.

The shipper’s main creditor Korea Development Bank joined the pitch, assuring ship owners that creditors will help to normalize the company if it can bring down charter fees from current exceptionally high levels.

Of five the company needs to negotiate charter terms, delegates from three Greek vessel owners - Danaos, Navios Maritime Holdings Inc. and Consolidated Contractors Company (CCC) - were present while Singapore’s Easten Pacific Shipping Pte Ltd. took part through video conference. Zodiac Maritime of the U.K. will separately negotiate next week.

Kim Chung-hyun, CFO of Hyundai Merchant Marine, confirmed little progress had been made in latest talks, but added there was still hope as the delegates said they would further confer with management at the headquarters before delivering final decision. The Greek ship-owners who have sent delegates to Korea may change their mind upon confirming will from KDB to help the company fight current crisis.

If the shipper goes into court receivership, it would have to return all the leased carriers and sell the 10 ships it owns

By Yoon Jin-ho, Noh Seung-hwan

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