HMM Cuts Deal with Owners on Charter Rates

Hamburg Hafen South Korean shipping company Hyundai Merchant Marine has struck a deal with containership owners on 20 percent charter rate cuts, the company said in a filing to Korea exchange. An agreement has also been reached with owners of bulk carriers for a 25 percent charter rate reductions. To remind, the companys creditor group agreed on HMMs debt restructuring proposal on condition that the cash-strapped firm successfully concludes its negotiations with bond holders and shipowners. HMM already gained bond holders’ approval for its debt restructuring proposal. Now that all hurdles have been overcome HMM is expected to  join the recently created container shipping alliance, The Alliance. The South Korean government said earlier that it plans to keep supporting HMM to join the Alliance. World Maritime News Staff