HANJIN PARADIP detained for debts

Bulk carrier HANJIN PARADIP was detained on May 24 in Richards Bay, SAR, due to unpaid charter fees to owner. Hanjin Shipping wasn’t able to pay fees for months, due to cash shortage. Hanjin operates 95 container ships and 56 bulk carriers, 91 of them chartered from foreign owners, writes Chosun. When Hanjin fell into the hands of its creditors last month, it announced plans to raise W410 billion by selling off assets (US$1=W1,184). But it is still having problems raising money. It takes time for the paperwork to be completed and the money to arrive in Hanjin’s accounts, and in the meantime the company does not even have enough money for its daily operations.
An industry insider pointed out that Canadian ship owner Seaspan and others have already refused to reduce Hanjin's charter fees, "so talks with other vessel owners will not be easy."
As of May 26, bulk carrier was anchored on Richards Bay outer road.

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