We are liaising with their [Hanjin’s] representatives here.
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“Hanjin Shipping will put all efforts to resolve the supply chain disruptions as soon as possible”, the company said in the statement.
Korean Air Lines Co., the largest shareholder of Hanjin Shipping and the business group’s flagship unit, agreed Saturday to lend the firm 60 billion won on the condition that Hanjin’s Long Beach port-terminal assets would be used as collateral.
The bankruptcy also has the potential to pile on additional pressure for United States importers, including an increase in freight pricing amid growing concerns over a shortage of sea carriers.
“We’ve already planned for the contingency for Hanjin saying, ‘Here are your containers, come get them, ‘” said Krieger.
The vessels reportedly contain about $14 billion worth of merchandise.
Some 93 vessels, or two-thirds of Hanjin Shipping’s fleet, are not operating properly, including vessels seized, barred entry to ports or terminals, denied services or moving slowly, according to Hanjin Shipping data on Monday. She said that “any complacent thinking that the government would have no option but to help shippers if trading and the shipping industry freezes has dealt a heavy blow to importers and exporters”.
“The vessels will at some point go somewhere, but … numerous ships are still full” and financial obligations meant they could not be easily acquired by other parties.
Pacific Crown Shipping, the representative agent of Hanjin in Cambodia, did not reply to Khmer Times’ requests yesterday for an interview.
The company said 93 of its vessels were stranded offshore across the world as of September 11 after the company couldn’t pay its fuel costs or guarantee dockworkers, crane operators, tugboat captains and others would be paid for their services.
The news comes as three bulk carriers, used for carrying commodities such as iron ore, coal and grain, have been sold to Singapore and Greek buyers for a total of nearly $39 million, according to data from ship valuation firm VesselsValue. Reports list the capesize Hanjin Matsuyama and two handys as sold to Greek and Singaporean buyers for a total of $40 million – revenue which will accrue to owners, not to Hanjin itself.
The five-year old ship was sold charter-free, meaning it is no longer chartered by Hanjin Shipping, a sale and purchase broker told Reuters.
The struggling Korean company Hanjin Shipping is completing the unloading of its cargo in California and is expected to leave port on Monday, and truckers are expected to pick up their respective companies’ cargo soon according to shipping industry officials Reuters reported.
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The Seoul central district court has given Hanjin until November 25 to submit a rehabilitation plan that will determine whether it can continue operating.
