What does the Collapse of Hanjin Shipping Mean?

THE collapse of Hanjin Shipping, a South Korean freight shipping line is starting to cause chaos and confusion at major ports around the Asia-Pacific region.

What was the seventh biggest shipping company in the world, went into receivership late last week after creditors rejected a restructuring plan. The container operator filed for bankruptcy protection in the US last Friday, with court granting Hanjin temporary protection.

Hanjin’s fleet have been denied access to ports as stevedores demand payment of arrears and cash in advance.

Several ships have been seized by creditors and Hanjin Shipping is taking legal action to protect its assets in an effort to jump start a stalled supply chain. More than half of the company’s vessels are stranded in ports and at sea world-wide.

The current ownership and operation of the Hanjin group is far from clear so shippers and consignees should proceed in a limited and cautious manner. At this stage, administrators are being assigned and the situation is constantly changing. There are no guarantees as to when Hanjin ships will be discharged and when (or if) they will unload and what will be required to secure cargo. If you have any questions, please feel free to contact a Seabridge freight forwarding expert today on 1800 727 195.

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