Hanjin Shipping’s Restructuring Cleared

first_imgzoom South Korean shipping company Hanjin Shipping has received approval from creditors to move forward with its voluntary restructuring proceedings, the company said in an exchange filing.The approval comes after Hanjin submitted a formal request to restructure its debt with its seven lenders, led by state-run Korea Development Bank, on April 29.The announcement serves as a confirmation of an already expected outcome for Hanjin which has accrued USD 4.39 billion in debt.The restructuring is expected to facilitate the company’s push for normalization of operations along with discussions on charter rate reduction and alliance reorganization.Namely, Hanjin is member of the CKYHE alliance between the Asian liners COSCON, ”K”Line, Yang Ming, and Evergreen Line, which is expected to be broken up in 2017 with the start of operation of the new container carrier alliance announced by CMA CGM, COSCO Container Lines, Evergreen Line and Orient Overseas Container Line.Financially-troubled Korean container carrier has been busy with efforts aimed at boosting its liquidity and the most recent turn of events saw Hanjin Shipping sell its remaining stake in H-Line Shipping for KRW 34 billion (USD 29.6 million).The sale follows that of Hanjin’s office building in London in March for KRW 66.7 billion (USD 57.2 million).World Maritime News Stafflast_img read more

Multilateralism needed to confront global ills Annan says

“It is too easy to proclaim the virtues of multilateralism in principle, only to go your own way whenever a decision has to be taken that directly affects your citizens’ security, or the interests of a well-organized domestic lobby,” the Secretary-General said at a roundtable discussion held at the Centre d’Etudes et de Recherches Internationales de Sciences Politiques.Mr. Annan noted that there are some areas, such as international peace and security, where universal laws do need to be directly enforced by global action, but for multilateralism to work, it must be applied consistently, he added.Earlier Monday, the Secretary-General met with President Jacques Chirac of France and Foreign Minister Dominique de Villepin. In addition to discussing the return this week of UN weapons inspectors to Iraq, they spoke for over an hour on the situation in the Middle East, and African issues ranging from the Democratic Republic of the Congo to Burundi and Côte d’Ivoire, according to a UN spokesman.The Secretary-General also briefed the President on the situation in Colombia as well as his recent talks with the Presidents of Nigeria and Cameroon concerning their dispute over the Bakassi peninsula.During a luncheon which followed, their talks continued touching on Cyprus, Afghanistan, the Central African Republic, next year’s Franco-African Summit, the Global Compact and Georgia, the spokesman said.Asked afterwards by reporters about a letter sent over the weekend by Iraqi Foreign Minister Naji Sabri, the Secretary-General said the correspondence raised a number of legal objections, which would be up to the Security Council to decide. [The letter was distributed to Council members this morning in New York.]Mr. Annan also stressed that the Iraqi Government must fully cooperate with UN weapons inspectors. “This is the only way to avoid a military conflict in the region,” he said. The Secretary-General then went on to meet French Defence Minister Michèle Alliot-Marie, who talked about France’s contribution to UN peacekeeping operations, as well as about Iraq, Afghanistan and the Secretary-General’s visit last week to the Balkans. read more