“These parties include, but are not limited to, fuel provider, ship owners (where the debtor is a charterer), terminals, port pilots, trucking companies, fix vendors, rail companies, and container lessors”.
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With Hanjin’s future in doubt, carriers have announced they will hike container freight rates by as much as 50 percent beginning next month as retailers scramble to secure shipping ahead of the peak year-end holiday season, industry sources said.
Meanwhile Reederei NSB, which manages seven Hanjin vessels said one of the ships had been arrested in Vancouver. The final hearing is due on Saturday in Korean time. He believes the actual amount of cargo is higher than that.
Officials from the US Department of Commerce will meet with Korean counterparts to discuss measures against Hanjin Shipping’s fallout that has deal a blow to the US retailers, local news reported on September 9.
On two of those ships sat about $38 million worth of Samsung washing machines, refrigerators, microwaves and parts for televisions and monitors, according to documents filed with the court.
“Without a doubt, it is a mess of an issue for the businesses themselves to be forced to untangle”.
The South Korean shipping company operates 97 container ships, the giant workhorses of global trade that deliver everything from computers and clothing to household appliances and toys.
There are an estimated 89 Hanjin ships out of its 141-vessel fleet in difficulty, and some have been seized by creditors. The company’s assets were frozen-stranding ships-many of which have been unable to unload or take on cargo. “We want the customers to get their goods”. Now it’s cash, payable up front.
“I know that some exporters have difficulties after Hanjin Shipping entered court receivership”, said Bank of Korea governor Lee Ju-yeol in a press conference on Friday, after its seven-member board unanimously chose to hold the country’s key interest rate at 1.25%.
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Dock workers at the Port of Prince Rupert’s Fairview container terminal started loading cargo off the Hanjin Scarlet on Wednesday, a week after the vessel was stranded there when its parent company filed for bankruptcy protection. But it’s not clear who will pay to dock those ships – or unload them. It was not clear whether or not Hanjin Shipping under court receivership has money to spare to employ dockers in order to unload cargoes, the Wall Street Journal explained. The port said the railway had agreed to move the containers coming off the ship. And as long as I’m sitting on Hanjin’s containers, at least I have some collateral. Though Hanjin is just one floundering South Korean shipping company, its potential to create holiday shopping chaos should not be understated.
