The restructuring at Hyundai Merchant Marine (HMM) and Hanjin Shipping remain a cloud over boxship owners.
This week, HMM won approval for a plan that would help the South Korean line with its approximately KRW 5 trillion ($4.4bn) in debt. But lead creditor Korea Development Bank (KDB) said the deal will not happen if “HMM fails to produce meaningful cuts in charter rates” by the end of May, with rate cuts of around 28% being floated.
