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Hanjin Fall Is Lehman Moment for Shipping, Seaspan CEO Says

  • Seaspan vessels getting more cargo, better rates, Wang says
  • Korean shipping line wins protection in Japan, U.K., Singapore
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Seaspan CEO: Hanjin Fallout Is Like Lehman for Shipping

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The fall of South Korea’s biggest container line Hanjin Shipping Co. is similar to the 2008 collapse of Lehman Brothers Holdings Inc. and has materially impacted the shipping industry, Seaspan Corp. Chief Executive Officer Gerry Wang said.

Seaspan, the Hong Kong-based container-ship leasing company that has three vessels chartered to the distressed line, is evaluating all options and examining systemic risks resulting from Hanjin’s bankruptcy filing, Wang said in an interview with Bloomberg Television. In June, Wang had rejected Hanjin’s requests for charter-rate cuts before the shipping line filed for court receivership last month.