One of two of Hanjin Shipping’s fleet that have now been allowed into port after a United States bankruptcy court’s grant of protection.
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Cho’s predecessor, Choi Eun-young, separately pledged 10 billion won in private funds within days, said the spokeswoman.
However, it could take “considerable time” for Hanjin to secure the pledged funds from Korean Air because of the often lengthy USA legal process of securing collateral, South Korea’sFinancial Services Commission Chairman Yim Jong-yong said Tuesday.
On Saturday a key member of the Hanjin group, Korean Air, agreed to a company bailout of 60 billion won ($55 million) but the government in Seoul insists there will be no official rescue.
Two container ships worth between $18-$22 million have also been put up for sale, two other ship brokers with knowledge with the matter said.
Hanjin Shipping in exploring the option of bringing some of the stranded ships in nearby countries to Busan port, the Port Authority of Busan said late Monday.
The bankruptcy of Korea’s Hanjin Shipping Co Ltd (117930.KS) is causing ripple effects for importers bringing goods from Asian factories to US malls by creating a shortage of trailers to move ocean-shipping containers on USA roads. While the gain in freight rates after the collapse might boost revenue at Hapag-Lloyd “a bit” in September and October, that alone would not trigger a sustained recovery in the industry, Habben Jansen said. Hanjin vessels are experiencing access issues to ports globally.
A lot of people hadn’t expected the difficulties for Hanjin in the magnitude we have seen them. Ports and other firms are demanding arrears and prepayments before providing services to Hanjin vessels. Global Port Tracker, which is produced by Hackett Associates for the NRF, covers the USA ports of Los Angeles, Long Beach, Oakland, Seattle, Tacoma, New York/New Jersey, Hampton Roads, Charleston, Savannah, Port Everglades, Miami and Houston.
Hanjin Shipping’s receivership earlier this month sent ripples through global shipping flows with more than half of its ships stranded at sea out of fears that they may be seized by its creditors.
At China’s southern Shenzhen Yantian Port, a customs official, who gave only her surname Li, confirmed local media reports that the Hanjin Rotterdam, carrying 9,300 containers, had been detained.
The Shenzhen Yantian Port declined to comment.
“Although we are considering ways to absorb Hanjin Shipping’s market share, HMM is now primarily focused on supporting cargo owners to minimize their difficulties”, a spokeswoman for HMM said.
Three bulk carriers, used for carrying commodities such as iron ore, coal and grain, were sold by lessors for a total of nearly $39 million (29.51 million pounds), according to data from ship valuation firm VesselsValue.
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Hanjin Shipping on Tuesday offered “a deep apology for causing damage to many interested parties” and said it set up an emergency management committee to deal with the cargo confusion.
