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Seaspan rebuffs Hanjin's plea for 30pc cut in charter rates as 'illegal'

VANCOUVER based, but Hong Kong administered ship-leasing company Seaspan has refused troubled Hanjin Shipping's plea to cut charter rates 30 per cent, dealing a blow to South Korea's big carrier to avoid financial collapse.

Seaspan rebuffs Hanjin's plea for 30pc cut in charter rates as 'illegal'
19 June 2016 - 20:05

Seaspan rebuffs Hanjin's plea for 30pc cut in charter rates as 'illegal'
VANCOUVER based, but Hong Kong administered ship-leasing company Seaspan has refused troubled Hanjin Shipping's plea to cut charter rates 30 per cent, dealing a blow to South Korea's big carrier to avoid financial collapse.
Seaspan could instead consider ordering new, fuel-efficient vessels from a South Korean shipyard and leasing them to Hanjin Shipping, helping improve the liner's competitiveness, said Seaspan CEO Gerry Wang. 
Hanjin operates seven container vessels leased from Seaspan. "We do not accept any rate cut," Mr Wang told Bloomberg News. 
"We have never done it. We won't tolerate a contract re-negotiation. Any call for rate cut is illegal by international laws," he said.
Hanjin Shipping is in talks with shipowners to reduce charter fees as part of a requirement by creditors in exchange for funds to improve its financials. 
The South Korean government is reviewing various measures, including possible mergers, to revive an industry struggling with mounting debt after years of losses from weak demand.

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