韓進海運股價暴跌30% Debt shake up weighs on Hanjin Shipping
Shares in Hanjin Shipping sank 30 per cent yesterday on growing concernabout the future of South Korea’s biggest container carrier as mounting debts and ballooning lossesforce it toward a creditor-led debt restructuring.
韓進海運(Hanjin Shipping)股價昨日暴跌30%，由於不斷累積的債務和日益擴大的虧損迫使該公司走向債權人主導的債務重組，投資者越來越擔憂這家韓國最大集裝箱航運公司的未來。
The company’s shares plunged by the daily limit to a record low of Won1,825, intrading volume that was 11 times the daily average in the past six months.
該公司的股價昨日跌停，至1825韓元的歷史新低，成交量爲過去六個月每日均值的11倍。
The slump came after Hanjin said on Friday it would file a request withits lenders yesterday to restructure its debt, which stood at nearly 850 percent of its equity at the end of last year. Hanjin has suffered net losses forfour consecutive years since 2011 as slowing global trade and overcapacity hasdepressed freight rates.
韓進海運在上週五表示，它將在本週一（即昨日）向債權人請求進行債務重組；去年底，該公司的債務與股本之比接近850%。隨着全球貿易放緩，同時運力過剩壓低運價，自2011年以來韓進海運已連續四年遭遇淨虧損。
Parent Hanjin Group, one of South Korea’s biggest chaebols, provided aWon1tn lifeline to its shipping arm in 2013 but that has failed to turn roundthe lossmaking company amid a protracted industry slump. Hanjin Shipping hasWon400bn ($349m) of bonds maturing in 2016, including Won235bn due in June, butit had only Won241bn of cash on hand at the end of last year.
母公司韓進集團(Hanjin Group)是韓國最大的財閥之一，曾在2013年向旗下航運部門提供1萬億韓元的生命線，但在航運業持久低迷的背景下，未能使韓進海運扭虧爲盈。韓進海運有4000億韓元（合3.49億美元）的債券在2016年到期，其中2350億韓元將在6月到期，但該公司在去年底只有2410億韓元現金。
Its domestic rival Hyundai Merchant Marineis also under voluntary debt restructuring with creditors, after reportinglosses in five of the past seven years. Creditors in March agreed to extend thematurity of HMM’s debt for three months, and trading in the company’s shares hasbeen halted since April 20 during a capital reduction. Trading is set to resumeon May 6.
其國內競爭對手現代商船(HyundaiMerchant Marine)在過去七年中有五年出現虧損，目前也在與債權人進行自願性的債務重組。3月，債權人同意把現代商船債務的到期日延長三個月；同時爲了進行減資操作，該公司股票自4月20日起停牌。目前定於5月6日復牌。
Hanjin Shipping’s shares fell more than 7 per cent on Friday and havetumbled more than 60 per cent over the past six months. Analysts said theirsmaller scale made it tougher for South Korean shippers to weather the severedownturn, noting global competitors such as Maersk were in relatively bettershape due to economies of scale and alliances.
韓進海運的股價上週五下跌逾7%，過去六個月累計下滑60%以上。分析師們表示，規模較小使韓國航運企業更難抵禦嚴重低迷。他們指出，全球競爭對手如馬士基(Maersk)境況相對較好，得益於規模經濟效應和聯盟。
“They have to cut costs to cope with low shipping rates but their unitcosts are higher than those of their global rivals because of their smallerscale,” said Jay Ryu, an analyst at KDB Daewoo Securities. “The industry cycleis bad but their structural weaknesses make things worse for them.”
“他們必須削減成本以應對運價低企，但他們的單位成本高於全球競爭對手，因爲他們的規模較小，”KDB大宇證券(KDB Daewoo Securities)分析師Jay Ryu表示。“行業週期相當糟糕，但他們的結構性弱點使他們的處境更加糟糕。”
