The Demise of Hanjin Shipping

The Demise of Hanjin Shipping

The Hanjin California has been seized at Port Botany over a unpaid bunkers to the value of USD430,500. Image credit

Late last week the seventh largest shipping line in the world, Hanjin Shipping, declared bankruptcy.

In what has been labelled as a “logistical mess” the shipping industry has been scrambling to find out just what this means to them.

Over seventy Hanjin vessels have been denied access into their destination ports, with several vessels being seized by creditors through court orders.

The bankruptcy of Hanjin Shipping comes at the beginning of peak season, with importers anticipating their shipments prior to the holiday shopping season.

It is estimated that the South Korean company, Hanjin Shipping has 530,000 containers in transit worldwide and of these, 300,000 are already in the midst of voyages, while 230,000 are already on land. Hanjin vessels are currently carrying cargo worth 16 trillion won ($14.5 billion) belonging to some 8,300 cargo owners.

Hanjin Shipping are reported to have a total debt of a whopping 6.1 billion won (USD5.4 billion) at the end of June.

0 Comments


Share your thoughts.

Your email address will not be published. Required fields are marked *

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.