Hanjin has 141 ships, of which 128 are operating.
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The ship seized in Singapore, the Hanjin Rome, includes about 50 containers with components for a nuclear power plant under construction in the United Arab Emirates by a consortium led by Korea Electric Power Corp (KEPCO), according to a person with direct knowledge of the matter.
BBC also reports that Parent company Hanjin Group on Tuesday also said it would inject $90m in fresh funds to resolve the disruptions to the cargo transport now stuck at sea.
“There’s nothing we can do directly”, said Robert Krieger, president of Norman Krieger, Inc., an L.A. -based worldwide freight forwarder and customs broker.
Hanjin Shipping Co’s 117930.KS government-backed creditors are ready to provide the collapsed carrier with roughly 100 billion won ($90.60 million) of loans if Hanjin’s parent provides collateral, South Korean government officials said on Tuesday.
As of Friday, 27 ships had been refused entry to ports or terminals, she said.
Economic-related state agencies, including the Finance Ministry and Oceans and Fisheries Ministry, held emergency meetings to deal with the repercussions, pledging support to Hanjin’s small and medium-size logistics partners.
Hanjin said it would also use its other subsidiaries including flag carrier Korean Air to move cargo as concerns grow over the delayed delivery of goods ahead of Thanksgiving and Christmas holiday shopping in the US.
LG Electronics said it expected some delays on home appliance shipments, since Hanjin was handling about a fifth of its North America-bound cargo.
Hanjin, the world’s seventh-largest container shipper, represents almost 8 percent of the trans-Pacific trade volume for the USA market. “In other cases they’re sitting outside the ports”. “Ltd. -Container” target=”_blank”>informed customers on its website that cargo handled under contract with Hanjin “will only be granted against a cost assumption declaration and payment of all costs”. Since vessels already are operating at high capacity, shippers may wind up paying a premium to squeeze their cargo containers on board, said Jock O’Connell, global trade adviser to Los Angeles-based Beacon Economics.
The company has been hurt by a slowdown in global trade. That weaker trade and overcapacity have sent ocean shipping rates plunging in recent years.
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Hanjin shares jumped 30 per cent to close at 1,390 won on hopes the emergency fund injection might signal a possible rescue of the firm. Hanjin’s stock closed 13.7 percent lower on Monday.
