News Content
Near bankrupt Hanjin owes Seaspan US$11.6 million in charter payments
A DOCUMENT from containership owner Seaspan has revealed that the near bankrupt Korean carrier, Hanjin Shipping, is in serious arrears in charter hire payments.
"Hanjin charters three of our 10,000-TEU vessels and four of GCI's [an affiliate] 10,000-TEU vessels under 10-year charter contracts with options to extend. Hanjin currently is making monthly payments under its charters with us," said a Seaspan prospectus.
"As of the date of this prospectus supplement, we have a total of US$11.6 million of accounts receivable relating to the charters, all of which is past due,?said Seaspan.
London's Loadstar reports that the arrears relate only to the three Seaspan vessels, Hanjin Buddha, Hanjin Namu and Hanjin Tabul, delivered to Hanjin in 2014 and have eight years remaining at a fixed daily rate of $43,000.
Seaspan, headquartered in Vancouver, but administered from Hong Kong, confirms in the document for five million of its Class A common shares, filed with the US Securities and Exchange Commission, that it received a request from Hanjin for a reduction in charter rates for a period of three and a half years, in exchange for "securities in a restructured Hanjin?
But Seaspan rejected the proposal and that "neither Hanjin nor the Korea Development Bank can change the charter rates in the voluntary restructuring without our consent?
Seaspan has warned investors that a failure by Hanjin to make charter payments could result in a default of its own financing agreements for the vessels.
At the same time, such a breach, would permit it to "arrest the applicable vessels, terminate the charters and seek to recharter the vessels out?
"Hanjin charters three of our 10,000-TEU vessels and four of GCI's [an affiliate] 10,000-TEU vessels under 10-year charter contracts with options to extend. Hanjin currently is making monthly payments under its charters with us," said a Seaspan prospectus.
"As of the date of this prospectus supplement, we have a total of US$11.6 million of accounts receivable relating to the charters, all of which is past due,?said Seaspan.
London's Loadstar reports that the arrears relate only to the three Seaspan vessels, Hanjin Buddha, Hanjin Namu and Hanjin Tabul, delivered to Hanjin in 2014 and have eight years remaining at a fixed daily rate of $43,000.
Seaspan, headquartered in Vancouver, but administered from Hong Kong, confirms in the document for five million of its Class A common shares, filed with the US Securities and Exchange Commission, that it received a request from Hanjin for a reduction in charter rates for a period of three and a half years, in exchange for "securities in a restructured Hanjin?
But Seaspan rejected the proposal and that "neither Hanjin nor the Korea Development Bank can change the charter rates in the voluntary restructuring without our consent?
Seaspan has warned investors that a failure by Hanjin to make charter payments could result in a default of its own financing agreements for the vessels.
At the same time, such a breach, would permit it to "arrest the applicable vessels, terminate the charters and seek to recharter the vessels out?
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port