In July alone, when Thailand’s total export value was tuned at Bt595.98 billion, exports to South Korea were valued at Bt11.39 billion.
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For goods which are now on Hanjin Shipping’s vessels, the ministry urged the exporters to work with the representative office of the company and their importers to seek appropriate solutions for the parties involved.
Out of the 100 billion won, Hanjin Group Chairman Cho Yang-ho will raise 40 billion won from private funds next week. But analytics company Datamyne estimates Hanjin brought in 12 percent of all inbound shipments to the Port of Long Beach in California, one of the country’s busiest maritime hubs. But Hanjin representatives will have to appear in court again on Friday, and there’s no indication whether they’ll be able to come up with enough emergency cash to unload the billions of dollars in cargo now tied up around the world.
Droves of Hanjin ships packed with over 500,000 containers were denied docking privileges globally, due to uncertainty as to who will pay docking fees and the cost of container storage, the Wall Street Journal reports.
Samsung Electronics has said it has goods worth about $38m on Hanjin ships in global waters.
Meanwhile, Finance Minister Yoo Il-ho, the country’s top economic policymaker, said Wednesday that he expects the crisis to ease this week. They can get away with it because retailers are starting to scramble to make sure their deliveries hit distribution centers ahead of the peak year-end holiday season, industry sources said.
“We’ve got an inordinate amount of shipping containers containing merchandise destined for USA shelves trapped on Hanjin ships, unable to be offloaded and delivered to stores”, he says. The restructuring proposals submitted by Hanjin Shipping weren’t enough to address a cash shortage, main lender Korea Development Bank said Tuesday, dealing a blow to the revival efforts by a firm that’s been trying to reschedule debt under a voluntary creditor-led program since May.
Samsung said an order this week by a United States bankruptcy judge did not encourage the Hanjin ships to enter U.S. ports as intended, which the company blamed on a misunderstanding of maritime law, the bankruptcy code and Korean law.
The Hanjin Group said in a statement Tuesday that it will provide its stakes in overseas terminals, such as the one Hanjin operates in Long Beach, as collateral to borrow $54 million, but that still falls short of the fees that Hanjin Shipping must pay for services it needs to offload cargoes already on its vessels. “The Hanjin ships are going to be off the market for the holiday seasons”. There are truckers and trucking companies counting on Hanjin for large bulks of income.
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Sept 9 Hanjin Shipping Co Ltd has received authority to spend the money needed to dock at US ports and begin unloading four vessels that have been stranded at sea by the company’s failure last week, a company lawyer told a USA court on Friday.
