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.

 

 

19 Sep 2016
Shippers expecting to secure the same low rate, long-term contracts they negotiated last year will be disappointed, Xeneta says.
16 Sep 2016
A group of non-vessel-operating common carriers has asked a federal bankruptcy judge to assert that they are covered by a protective order granted last week.
16 Sep 2016
Spot freight rates in the eastbound Pacific may have found their comfort zone.
16 Sep 2016
The International Longshoremen’s Association is refusing to load Hanjin Shipping containers aboard ships or allow Hanjin boxes to leave US East and Gulf Coast terminals.
16 Sep 2016
The humanitarian aspect to the Hanjin Shipping collapse was highlighted by an Australian judge who ordered the carrier to address the payment of the crew of the Hanjin California.
McAllister tugs in New York
15 Sep 2016
A federal bankruptcy judge on Thursday denied a motion by several fuel and towing companies to lift the prohibition on them seizing ships operated by Hanjin Shipping.
15 Sep 2016
Shippers await the berthing of vessels in LA-LB, Savannah, and New York-New Jersey — even though a South Korean court on Friday approved the release of $10 million to work Hanjin ships in the United States.
15 Sep 2016
Shippers may have woken up Aug. 31 wondering where their Hanjin Shipping cargo was, but there were plenty of foreboding signs leading up to the seventh-largest container line being placed into receivership.
Hongkong International Terminals, pictured, said the fees were needed to pay for an adequate response to the unprecedented crisis spawned by Hanjin's failure.
15 Sep 2016
Hongkong International Terminals has tried to shine a positive light on its role in the chaotic aftermath of Hanjin Shipping’s collapse following harsh shipper criticism.
15 Sep 2016
The Busan Port Authority will offer discounts to CKYE Alliance members in a bid to keep Busan’s cranes busy.
14 Sep 2016
Hanjin Shipping’s yet-to-be-court-appointed bankruptcy trustee could target non-vessel-operating common carriers and shippers.
Of the container lines that did not belong to the CKYHE Alliance, United Arab Shipping Company had the most confirmed exposure to Hanjin Shipping's bankruptcy
14 Sep 2016
Shippers using CKYHE Alliance partners of Hanjin Shipping had the most exposure to the liner’s collapse, but others also were hurt.
It wasn't hard for shippers to find trans-Pacific capacity after Hanjin Shipping went bankrupt, and it's about to get easier still.
14 Sep 2016
Hanjin Shipping’s collapse has set off a rush by other container lines to add services and “extra loader” voyages.
14 Sep 2016
Hanjin Shipping has said it regrets the bottlenecks and complications that have arisen from its bankruptcy and promised to resolve these issues as soon as possible.
14 Sep 2016
Shipping restructuring specialists believe that Hanjin Shipping will ultimately be liquidated, not rehabilitated.
13 Sep 2016
Container shipping overcapacity that pushed Hanjin Shipping into bankruptcy protection will likely claim another container line before the market rebounds.
13 Sep 2016
The South Korean port of Gwangyang is doing all it can to ensure that cargo handling continues as smoothly as possible in the chaos that Hanjin Shipping’s fall into bankruptcy spawned.
13 Sep 2016
Hanjin ship stuck off Melbourne over fears its owner will seize the vessel.
The Hanjin Boston, encircled in green rings, is waiting to berth at the Port of Los Angeles. The blue dot next to Terminal Island is the Hanjin Greece and the other blue dot is the Hanjin Montevideo, which has been arrested at the behest of creditors. Credit: AISLive.
12 Sep 2016
The second of four Hanjin Shipping vessels stuck off the US West Coast has been given permission to berth at the Port of Los Angeles.
12 Sep 2016
Hanjin Shipping’s dire financial state under bankruptcy protection has raised questions on whether the South Korean line or its creditors may try to force shippers to pay for not delivering the number of containers that were contracted.
12 Sep 2016
Non-vessel-operating common carriers as an industry saw signs of the Hanjin Shipping collapse months before the South Korean container line filed for bankruptcy Aug. 31.
While Korean Air Lines has approved funding needed to rescue Hanjin Shipping boxes, a complex exhange of shares in a Long Beach container terminal remains an issue.
12 Sep 2016
The board of Korean Air Lines has approved spending that will allow the Hanjin Group to help deliver Hanjin Shipping cargo stuck on ships and in ports around the world.
10 Sep 2016
The Hanjin Greece early Saturday morning called the Total Terminals International, in which the South Korean container line has a majority share.
09 Sep 2016
A federal judge on Friday extended the temporary order giving protection to Hanjin Shipping vessels to prevent their seizure in at least four US ports.
The failure of spot rates to continue rising given the large amount of uncertainty surrounding Hanjin Shipping's bankruptcy proceedings was an unexpected development.
09 Sep 2016
Spot freight rates from Asia to the United States held after a surge last week, but the failure to rise further this week suggests importers are finding space on other carriers.
09 Sep 2016
A South Korean bankruptcy court has approved the use of $10 million by Hanjin Shipping to unload four of its stranded ships in US waters, a US bankruptcy court in New Jersey heard Friday.
09 Sep 2016
Hanjin Shipping’s attempt to get stranded cargo to shipper customers was dealt a setback.
09 Sep 2016
Asia-Med spot rates up as Hanjin effect helps lift the market.
09 Sep 2016
A new intra-Asia alliance is on the cards following Hanjin's collapse.
This screen grab from AISLive shows the location of Hanjin Shipping vessels in the waters off North America and the United States as of 7 p.m. EST, Sept. 8.
08 Sep 2016
No movement of Hanjin ships at US ports is expected until a bankruptcy court in New Jersey rules on protection, possibly on Friday.
Every moment that Hanjin Shipping cargo remains in limbo threatens further disruption and costs for myriad industries.
08 Sep 2016
The push underscores a restlessness within the transportation industry with the customary pace of a Chapter 15 bankruptcy filing — something that has historically taken months to years to play out.
08 Sep 2016
One of the largest container depots at the Port of New York and New Jersey has begun accepting empty containers of bankrupt Hanjin Shipping.
Getting stranded Hanjin Shipping containers out of ECT in Rotterdam, such as this one pictured on an automated vehicle at the terminal, just got a whole lot cheaper for shippers. Credit: Paul Henriquez
08 Sep 2016
ECT, a leading Rotterdam terminal operator, has slashed charges for releasing containers unloaded from ailing Hanjin Shipping’s vessels.
08 Sep 2016
Korea will tap its domestic carriers to send another 20 vessels to help clear up the mess left by Hanjin Shipping after it filed for receivership on Aug. 31.
08 Sep 2016
The Hong Kong Shippers Council is putting pressure on the government to convince HIT to drop its high Hanjin container release charges or it will launch a court action against the terminal.

Commentary

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