Near bankrupt Hanjin owes Seaspan US$11.6 million in charter payments
Time：2016-05-26
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"Hanjin charters three of our 10,000-TEU vessels and four of GCI`s [an affiliate] 10,000-TEU vessels under 10-year charter contracts with options to extend. Hanjin currently is making monthly payments under its charters with us," said a Seaspan prospectus.
"As of the date of this prospectus supplement, we have a total of US$11.6 million of accounts receivable relating to the charters, all of which is past due,?said Seaspan.
London`s Loadstar reports that the arrears relate only to the three Seaspan vessels, Hanjin Buddha, Hanjin Namu and Hanjin Tabul, delivered to Hanjin in 2014 and have eight years remaining at a fixed daily rate of $43,000.
Seaspan, headquartered in Vancouver, but administered from Hong Kong, confirms in the document for five million of its Class A common shares, filed with the US Securities and Exchange Commission, that it received a request from Hanjin for a reduction in charter rates for a period of three and a half years, in exchange for "securities in a restructured Hanjin?
But Seaspan rejected the proposal and that "neither Hanjin nor the Korea Development Bank can change the charter rates in the voluntary restructuring without our consent?
Seaspan has warned investors that a failure by Hanjin to make charter payments could result in a default of its own financing agreements for the vessels.
At the same time, such a breach, would permit it to "arrest the applicable vessels, terminate the charters and seek to recharter the vessels out?