Seized Hanjin Shipping Vessel Resumes Operation in South Africa

Maritime Activity Reports, Inc.

May 30, 2016

Hanjin Paradip. Photo: Hanjin Shipping

Hanjin Paradip. Photo: Hanjin Shipping

 Hanjin Paradip resume  its sailing from South Africa as talks continue with owner over unpaid charter fees. The ship had been detained in Richards Bay, South Africa earlier last week over unpaid charter fees.

The vessel in 82,158 deadweight tonnage (DWT) was used to carry grain and minerals.
“We agreed with the ship owner that the normal vessel operation is the most important for interests of the both parties,” Hanjin said, without specifying the owner’s name. “We agreed to resume operation first and decide on the charter fees through additional negotiations.”
According to Yonhap, the incident took place while the shipping company has been negotiating with tonnage providers to get rates cut on chartered ships, a crucial first step outlined by bondholders of the financially-troubled company.
Hanjin Shipping is one of many Korean maritime-related firms that has been forced to enter restructuring recently on the back of dire financial results.
Hanjin operates 95 container ships and 56 bulk carriers, 91 of them chartered by foreign owners.
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