Hanjin shipping gets breathing room

The South Korean ocean carrier has reached a deal with containership charterers and other creditors, according to Korean media outlets.    South Korean ocean carrier Hanjin Shipping has reached a deal with containership charterers and other creditors, according to Korean media outlets.
   Korea’s Yonhap news agency quoted a statement from Hanjin that said, “With the charter rate cut talks completed, it could have the effect of saving some 800 billion won (U.S. $718 million, based on today’s exchange rate) in cash, and we will have the effect of raising a total of 1.27 trillion won when a delay in loan repayments is considered.”
   Yonhap also reported, “Seaspan, a leading operator of container ships, has agreed to cut the leasing rate, and global financial companies such as Credit Agricole have expressed their consent to a proposal to delay the repayment of loans borrowed to buy container ships and other vessels.”
   The Korea JoongAng Daily also reported that “Germany’s HSH Nordbank, German financial institution Commerzbank and France’s Credit Agricole Bank sent an e-mail to Hanjin Shipping on Saturday stating that they will extend their loans to the shipping company. This is a turnaround from their previous stance where they would extend the loan only if its main creditor KDB would guarantee the loans.”
   American Shipper was unable to confirm with Seaspan that it had agreed to a reduction in charter rates.