Pacific Shipping Trust Faces Charter Rate Renegotiations

Last week, Pacific Shipping Trust revealed that one of its two charterers, Compania Sud Americana de Vapores S.A. (CSAV) has requested a temporary reduction of charter hire payments of about 30%. The Chilean container company has recently appointed HSH Corporate Finance – a subsidiary of HSH Nordbank AG to oversee a restructuring plan to raise USD 750 million and it hopes to capitalise USD 400 million from its outstanding charter commitments with the shipowners.

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