Independent journal on economy and transport policy
15:12 GMT+2
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HMM has concluded with success the negotiations for a reduction of the rates of chartering of the ships
the reductions in price will be formalized within contracts that will be signed within end of month
June 10, 2016
With an official notice to the Stock exchange of Korea, today the shipowning society Hyundai Merchant Marine (HMM) has announced to have agreed with the owners of the portacontenitori ships that are taken rental by the company a reduction of 20% about of the fixed rates of hire for next the 3,5 years. An analogous agreement is reached with the owners of the ships portarinfuse rented by HMM based on which a reduction of 25% of the rates of the charterings is agreed.
The South Korean company has specified that such reductions in price will be formalized within contracts that will come sign by the end of this month and that such reductions would have to involve an improvement of the level of liquidity of the society.
The reduction of the amount of the charterings of the ships was one of the measures considered indispensable from the creditors of the company so that HMM can honor own debits, creditors who to the end of March have come to an agreement to the shipowning society a delay of the expirations of the payment of the installments of the loans obtained from the company just in sight of the attainment of agreements on the decrease of the amount of the charterings ( on 29 March 2016).
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