By Mike Wackett

(The Loadstar)– The following sector casualty of the Hanjin collapse might not be a provider, however a significant non-operating containership proprietor.

In his sector forecasts for 2017, Lars Jensen, president and also companion mixed-upIn telligence, claimed today, “Non-operating vessel owners holding unwanted container tonnage will be hit particularly hard, and it is likely that we might see bankruptcies in this sector.”

Indeed, the brand-new susceptability of containership owners was the topic of an evaluation by The Loadstar’s economic expert, Alessandro Pasetti, on 28 November.

Among the significant shipowners, Danaos had long-lasting charters with Hanjin on 8 of its 55 containerships, however the greatest danger for the Greek firm might originate from ending charters on its staying fleet. No less than 24 Danaos ships have charters ending following year, and also 3 even more run out in 2018.

There is little to recommend that charter prices will certainly get whenever quickly, offered the present parlous state of the marketplace, and also the agreement of point of view is that supply will exceed need for time to find. As an outcome, Danaos will certainly either need to ditch repetitive tonnage or, when possible, repair the off-hired ships however approve a much decreased ‘market’ day-to-day hire price with much shorter durations and also adaptable alternatives.

Danaos and also its peers have actually long flaunted regarding their absence of direct exposure to the volatility of place markets, by having long-lasting fixed-rate charter celebrations authorized with ‘blue chip’ lining delivery firms, however the default of Hanjin was a game-changer for the market.

Now financial institutions and also various other loan provider will certainly be warier than prior to regarding the insurance coverage worth of a charter celebration. And when it comes to present home mortgages on ships, Danaos has actually confessed remains in violation of its economic commitments and also has actually just had the ability to acquire waivers from its loan providers till April.

Some assert it has actually been a devastating year for Danaos: in July it was required to minimize its charter hire by 20% on 13 vessels on long-lasting charter to South Korean provider Hyundai Merchant Marine (HMM), versus the risk of the provider’s collapse. And its third-quarter outcomes exposed that loss of profits on charters for the 8 Hanjin- run ships totaled up to $560m out of an overall got profits of $2.8 bn.

It has actually sent an insurance claim to the Seoul insolvency court for $598m for overdue charter hire, costs, expenditures and also loss of earnings.

The Loadstar is quick coming to be recognized at the highest degree of logistics and also supply chain administration as one of the very best resources of significant evaluation and also discourse.

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