Hanjin Shipping bankruptcy

Hanjin Shipping bankruptcy

Hanjin Shipping filed for bankruptcy protection Aug. 31, 2016, after months of trying to raise liquidity and restructure its debt, triggering a mad scramble by shippers to locate and gain control of their containers. Hanjin vessels have been arrested and ports are refusing to work Hanjin ships for fear they will not be compensated. Hanjin Shipping's collapse is by far the largest container shipping bankruptcy in history and the consequences will continue to reverberate throughout international supply chains and the transportation sector.

 

 

11 Oct 2016
The ship’s arrival in New York is the latest sign that a slowly growing portion of the troubled liner’s fleet is finally reaching its destination.
10 Oct 2016
Upward of 20,000 empty Hanjin containers remain scattered throughout Southern California with no place to go.
A US court ruling could provide financial relief for shippers caught up in the Hanjin Shipping fiasco.
10 Oct 2016
Hanjin Shipping cannot require payment from exporters who find another carrier to move cargo that the South Korean carrier was unable to deliver, a US bankruptcy court judge has ruled.
Shippers and container lines both need to pay more attention to risk management in the wake of the Hanjin Shipping bankruptcy.
10 Oct 2016
Hanjin's bankruptcy has shown that it is not only shippers that need to pay attention to the financial state of their chosen carriers, alliance members also need to keep an eye on their partners.
07 Oct 2016
Shippers must be keenly aware of the financial health of their container lines, and the alliance partners of those lines, if they want avoid the type of widespread disruption experienced during the collapse of Hanjin Shipping.
07 Oct 2016
A federal judge on Friday ordered Hanjin Shipping to reveal when vessels it operates go off charter, opening them up to arrest should they enter US waters without paying off liens held against them.
07 Oct 2016
Hanjin Group chairman Cho Yang-ho spreads the blame for the demise of South Korea’s largest container line.
06 Oct 2016
Hanjin Shipping on Thursday gave US importers awaiting the discharge of their stranded goods a better idea of when some ships will call at a US port.
05 Oct 2016
Hanjin ship to pick up about 1,000 empty containers in Seattle next week.
04 Oct 2016
A federal judge has agreed to hear the arguments of several chassis, container, and fuel providers demanding Hanjin Shipping reply more quickly to their “urgent” requests for information on the location of their assets.
30 Sep 2016
Hanjin Shipping has set up a yard to accept and store its empty containers in central New Jersey.
30 Sep 2016
The Hanjin Shipping bankruptcy may be behind a recent surge in freight moving inland from West Coast ports.
29 Sep 2016
With chassis shortages in Los Angeles-Long Beach reaching a crisis level, a Southern California warehouseman is ready to accept and store empty and leased Hanjin Shipping containers.
28 Sep 2016
Two more Hanjin Shipping vessels are heading for the Port of New York and New Jersey.
28 Sep 2016
As Hyundai Merchant Marine is scaling down its deployment of extra loaders, Maersk Line is continuing to add vessels to handle Hanjin Shipping cargo.
The failure of Hanjin Shipping is just the latest example of the importance of supply chain durability and versatility.
28 Sep 2016
Largest US logistics provider to scrutinize vessel-sharing agreements, urges more "resilient" supply chain strategies.
The challenges of the Hanjin Shipping collapse are often unique to the position of actors in the supply chain.
28 Sep 2016
Trucking companies that regularly hauled containers for Hanjin Shipping may end up losing tens of thousands of dollars.
27 Sep 2016
Container owners have released a list aimed at making it easier for shippers and transportation providers to return containers leased to Hanjin Shipping.
27 Sep 2016
Shippers are being urged to have a good look at the financial situation of carriers before committing their cargo, but that is going to be a complicated procedure.
26 Sep 2016
A US federal maritime commissioner on Monday said that alliances may have to prove they have emergency procedures in case a member carrier collapses after Hanjin Shipping did just that.
23 Sep 2016
A federal bankruptcy judge on Friday agreed that non-vessel-operating common carriers should be covered by part of a protective order granted two weeks ago that was intended to help smooth the release of tens of thousands of containers trapped on Hanjin Shipping vessels and terminals around the globe.
With the crisis unlikely to abate soon, complaints of inappropriate pricing practices related to Hanjin Shipping cargo will most likely continue to surface.
23 Sep 2016
Hanjin Shipping told a bankruptcy court in Newark, New Jersey, on Friday that railways, terminal operators, and container lessors are price gouging the South Korean line’s shippers by asking those cargo owners to pay more than usual to bring freight into US ports, in the wake of Hanjin’s recent bankruptcy filing.
The costs and liability for Hanjin Shipping containers have been some of the biggest concerns for members of the supply chain since the world's seventh-largest container line went bankrupt.
23 Sep 2016
Hanjin Shipping told a US District Bankruptcy Court on Friday how it would handle the late return of containers.
22 Sep 2016
The Port of Houston Authority said Hanjin Shipping containers at the port have been cleared for release.
Although the Hanjin Shipping crisis has challenged the global supply chain, it also provides lessons for shippers unique to national and regional industry dynamics.
21 Sep 2016
Hanjin Shipping’s bankruptcy filing has once again exposed how fragile the new chassis regime is in the United States.
The latest batch of Hanjin Shipping containers at the Port of Houston is not expected to be stranded for long.
21 Sep 2016
The Port of Houston Authority said Hanjin Shipping had agreed to pay terminal charges to clear the way for the port authority’s release of 380 Hanjin containers.
21 Sep 2016
The failure of Hanjin Shipping has raised profound questions regarding the risks of ocean container transportation in corporate boardrooms throughout the world.
20 Sep 2016
Port authority says bankrupt carrier has paid terminal charges.
20 Sep 2016
The US Federal Maritime Commission has had some success in helping cargo interests minimize costs and retrieve cargo stranded by Hanjin Shipping’s bankruptcy.
The Hanjin Miami is one of two ships stuck off the US East Coast, with the second being the Seaspan Efficiency, which is waiting in the Atlantic Ocean off Georgia after it was unable to call at Savannah.
20 Sep 2016
After sitting anchored at sea for more than two weeks the Hanjin Miami is expected to soon enter the Port of New York and New Jersey.
PSA Singapore, pictured, is the latest terminal operator to demand refundable deposits from shippers in order to release Hanjin Shipping cargo.
20 Sep 2016
PSA Singapore has issued a circular detailing the price of retrieving Hanjin Shipping containers.
20 Sep 2016
Canadian importers and exporters’ frustration is mounting after two Hanjin vessels — one set to sail to Tokyo and another to Seattle — have been stranded in Canadian waters for more than two weeks.
20 Sep 2016
Closing the gap between capacity and demand is going to take years, analysts and carriers believe.
19 Sep 2016
Carrier's boxes aren't being allowed in or out of port's terminal gates.
Hanjin Shipping's efforts to resolve the crisis created by its bankruptcy took on new urgency when a South Korean judge ordered the company to return ships it has chartered.
19 Sep 2016
Hanjin Shipping and the South Korean government are scurrying to unload and rescue the one-third of its container fleet that is still stranded.

Commentary

Some issues in ocean shipping are so predictable that you can plan for them, yet others are not so predictable.

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