Costamare has no ships with Hanjin

CONTAINERSHIP owner Costamare doesn’t have any ships on charter with South Korea’s Hanjin Shipping or Hyundai Merchant Marine (HMM), its managing director in Singapore Niklas Holck said.

News ID: 68899

Date: 27 October 2016 - 14:49

According to MANA,“There are owners who consciously made that choice,“ he said adding that Hanjin’s collapse was not a surprise.
“Somebody had to go, especially if every quarter you are making losses,” he said at the Global Liner Shipping Asia conference in Singapore. Mr Holck is charged with business development in Asia and strategy and reports to the chief executive/chairman of the Greece-based Costamare group.
While Costamare has limited the exposure to Hanjin, Mr Holck admitted that the industry continues to suffer from an imbalance between supply and demand which suggests further downside for ship prices.
As oversupply exerts downward pressure on charter rates, Costamare has five 11,010 teu newbuildings at the yards. “We are going to fix them,” Mr Holck said but declined to comment on the rates at which they would be fixed.