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Court tells Hanjin to return chartered ships to owners to cut costs
NEAR-BANKRUPT Hanjin Shipping has been told by a South Korean court return all chartered vessels to cut costs while the company reduces its fleet size, reports Bloomberg News.
The Seoul Central District Court said it would cuts costs though Hanjin estimates it may face penalties of US$1.7 billion for the early returns.
The court is hearing Hanjin Shipping's application for receivership and will decide whether it can be resuscitated or liquidated.
A collapse of the firm will probably spark fresh consolidation among container lines as they attempt to ride out shock waves faced by the industry, according to Hapag-Lloyd.
Hanjin has already returned four box ships and three bulk carriers to their owners, and plans to remove 13 more containerships, the company said.
The Seoul Central District Court said it would cuts costs though Hanjin estimates it may face penalties of US$1.7 billion for the early returns.
The court is hearing Hanjin Shipping's application for receivership and will decide whether it can be resuscitated or liquidated.
A collapse of the firm will probably spark fresh consolidation among container lines as they attempt to ride out shock waves faced by the industry, according to Hapag-Lloyd.
Hanjin has already returned four box ships and three bulk carriers to their owners, and plans to remove 13 more containerships, the company said.
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