Wednesday, August 5, 2009

Seaspan refuses to reduce charter rates

Seaspan has refused to reduce charter hire on current vessels to Hapag-Lloyd and CSAV, despite the fact other shipowners have.

I can't say I blame them, a contract is a contract. But, the shipping community is pretty small. If they want to keep these companies as long term customers, that might not be a good move.

Of course, maybe they are thinking CSAV and Hapag-Lloyd won't be around long term, and best to get what they can now.

Interesting note that Seaspan is still making money.

From Lloyd's List

Seaspan rebuffs Hapag-Lloyd, CSAV charter rate reduction

Janet Porter - Thursday 6 August 2009
CONTAINERSHIP owner Seaspan is refusing to bow to pressure from either Hapag-Lloyd or CSAV to renegotiate charter rates.

The New York-listed company confirmed Wednesday that it did not participate in a rescue plan for CSAV, despite requests and concessions granted by most other owners with ships on charter to the Chilean line.

Seaspan, which has nine 4,250 teu ships on charter to Hapag-Lloyd, also disclosed that it had been asked by the cash-strapped German line to discuss amendments to contract terms.

“At this time, we do not intend to renegotiate the main terms of our charter parties with Hapag-Lloyd,” said chief executive Gerry Wang.

“If any of our charterers are unable to make charter payments to us in the future and are in default of their respective charter parties, we may not be able to recharter the relevant vessels at rates equal to the rates in our current charters or at all,” he elaborated.
(Seaspan reported)Normalised net earnings for the second quarter of $18.7m, down from $19.3m, included a $1.1m expense related to exercising a vessel delivery deferral.

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