31/08/2016
BAD NEWS!
August 30, Hanjin largest creditor Korea Development Bank (Korea Development Bank) announced that due to the parent company of Hanjin Group, Hanjin Shipping's debt restructuring plan lack of adequate financial support, forcing the creditor banks lost confidence in the termination of Korea into the sea support. Currently Hanjin Board of Directors has voted to request the court to take over.
Capital injection plan fell first half loss of 473.1 billion won
According to the previous plan, before September 4, Hanjin creditors need to submit a comprehensive restructuring plan, the Korea Development Bank to assess the restructuring plan, and decide whether to extend debt maturities or increase lending.
Hanjin Shipping is currently faced with more than one billion US dollars liquidity shortages. Had been asking creditors inject parent company 400 billion won (about 2.46 billion yuan), Hanjin Shipping to help solve some liquidity problems. However, this request does not receive the support of Hanjin Group.
Hanjin Group has recently provided by Korean Air over 700 billion won (about 4.3 billion yuan) support to Hanjin. If we for Hanjin additional 400 billion won more than capital investment, Hanjin Group as a whole may be in crisis. The black hole of debt compared to the Group's support Hanjin drop in the bucket. At the end of 2015, Hanjin total of 5.6 trillion won (about 34.4 billion yuan) of the debt must be repaid. 2016 semi-annual report, Hanjin first half losses reached 473.1 billion won (about 2.8 billion yuan).
Rent reduction requirements refused to suspend the acceptance booking
It is understood that another major obstacle Hanjin restructuring of its fleet for rent reduction negotiations have not smoothly. Tai-Soo Suk, president of Hanjin Shipping was in a public letter that charter rates Hanjin negotiations involving 22 major owners, the goal is to negotiate the rent 2.249 billion US dollars over the next three and a half years to pay cut 30%. However, the owner - the world's largest container shipping group Sesi Pan independent owner (Seaspan), has expressly rejected the request for rent reduction Hanjin.
Currently, Hanjin Taipei subsidiary has notified suspend the acceptance of booking, Air Hong Kong Department of Transportation Bureau of shippers do not have an emergency notice for entrance collar cabinet. Hanjin Taipei subsidiary Xinhai shipping high-end, said there is no turning things look tomorrow (August 31), Taipei company as of this month so far have normal pay.
According to the latest industry rumors that Hanjin a ship bound for the Middle East (Hanjin Rome) detained in Singapore, if the news is true, then there should be a ship Hanjin will continue detained.
Hanjin Shipping is Korea's largest shipping company, which owns 101 various types of container ships with a total capacity reached 625,400 TEUs capacity ranked the world's 8 bit; its parent company, Hanjin Group is one of Korea's top ten consortium , one of the world's largest transportation and logistics company, also owns companies such as Korean Air.
