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Danaos reveals $560m charter exposure to Hanjin Shipping

Danaos reveals $560m charter exposure to Hanjin Shipping

New York-listed shipowner Danaos Corp has revealed a $560m charter exposure to Hanjin Shipping.

Danaos has eight ships on charter to the bankrupt Korean container line – three 10,100 teu vessels built in 2011 and five 3,400 teu vessels built in 2010 and 2011.

The company said the time charters on the vessels were worth $560m out its contracted backlog of $2.8bn.

"We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business," said John Coustas, ceo of Danaos. 

"Danaos actively supported Hanjin in its efforts to restructure its operations and we are hopeful that Hanjin will be able to achieve a restructuring of its business and emerge from court receivership as a financially stronger company.  We will closely monitor the process and seek to preserve the value of our assets for the benefit of our shareholders."

Two of the vessels the 10,100 teu Hanjin Greece and 3,400 teu Hanjin Constanza are reported to be idling off the Ports of Los Angeles and Long Beach having arrived after Hanjin filed for court receivership in Korea on Wednesday.

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