Struggling Korean owner Hyundai Merchant Marine (HMM) has reportedly clinched a crucial deal with third-party owners to cut charter-in rates for boxships, although the claim was downplayed by its main creditor.

The Korea Economic Daily cited officials at HMM and Korea Development Bank (KDB) as saying UK-based Zodiac Maritime, thought to be the last company to be holding out, has signified its willingness to accept the new terms.

But