The merchandise includes refrigerators and washing machines that Samsung can not unload without bankruptcy court protection for Hanjin, the electronics maker said.
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The bankruptcy of Hanjin Shipping has left thousands of 20-foot equivalent units (TEUs) in cargos at sea, with Hanjin vessels being turned away from ports of entry or (in some Chinese ports) seized. The port said the railway had agreed to move the containers coming off the ship. He believes the actual amount of cargo is higher than that.
Global demand and trade have suffered since the 2008 recession, but steamship lines continued to build more and larger vessels. “We are waiting for a call”, Park Kong-soon, captain of the Hanjin Atlanta, floating east of Tokyo Port, told Reuters by satellite phone.
Freight charges from South Korea surged about 50 percent after Hanjin Shipping filed for court receivership on Wednesday, Korea Economic Daily reported, citing shipping industry officials it didnt identify.
“Without a doubt, it is a mess of an issue for the businesses themselves to be forced to untangle”.
Samsung Electronics also filed support on Tuesday for Hanjin’s petition, saying it has about US$38 million (S$51 million) in merchandise on two Hanjin vessels, off the Californian coast, that are not able to dock without a United States court order protecting the company against creditors trying to seize the cargo.
The goal is to “normalize” operations by Hanjin Shipping and “minimize damages on export companies”, according to a statement from Hanjin Group. The Financial Services Commission said Hanjin, the country’s largest ocean container shipper, will seek bankruptcy protection in 43 countries, including Canada, Germany and Britain.
“The port terminals do not want to accept the vessels before they get paid in advance”. Now it’s cash, payable up front. Last week, creditors led by the Korea Development Bank rejected a plan by Hanjin Group to spend another 500bn won ($447.2m) to rescue the shipping company, way short of Hanjin Shipping’s debts of more than 6tn won ($5.37bn).
The air freight industry appears to have missed a boost to business from the collapse of container line Hanjin, after a U.S. court ruled that the line’s ships could dock under provisional bankruptcy protection. But it’s not clear who will pay to dock those ships – or unload them.
The Montevideo appeared to have dropped anchor after it had already unloaded its cargo and was about to leave the port, Long Beach port spokesman Michael Gold said. “Save Busan!” Korean Air is Hanjin Shipping’s biggest shareholder. And as long as I’m sitting on Hanjin’s containers, at least I have some collateral.
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About 68 Hanjin ships are sitting idle in ports around the world, according to Korean media, as the company awaits the result of court receivership actions as well as a $90 million infusion from one of its leading investors.
