Vessels belonging to hanjin shipping have been allowed to unload their cargo at a port in the U.S. after being stranded offshore. unable to pay their fees. The bankruptcy courts let the shipper free up money for the dock workers. and have protected the ships from being seized by creditors. Lee Minyoung reports. A Hanjin container ship that had been sitting off the coast of California for more than.
A week amid concerns it could be seized by creditors. started to unload its cargo on Saturday, local time. According to Reuters, the Hanjin Greece, one of several vessels unable to dock in Long Beach, was the first to come into port and began unloading after U.S. and Korean bankruptcy court allowed the shipper to spend about 10 million U.S. dollars to pay local workers and other fees.
Hanjin shipping has also been given provisional court protection in the u.s. to stop its ships from being seized by creditors. Three more Hanjin container ships are waiting to dock after the Greece. Meanwhile, Hanjin Shipping’s biggest shareholder, Korean Air, has approved a 54pointtwo million U.S. dollar payment to its affiliate on the condition the shipper puts up collateral. Earlier in the week, parent company Hanjin Group pledged over 96 million dollars to its.
Struggling shipping arm. Hanjin appears on course to solve the immediate problem of getting its cargo moving again, but it will eventually have to face much more fundamental concerns. Debt crises, like the one affecting Hanjin, normally cause serious harm to the credibility of a shipping company. If distributors suddenly have to replace Hanjin with another shipping company,. they will.
Face huge expenses not only in freight charges but during the docking procedure. leading to an overall increase in logistics costs. Hanjin Shipping offers services completed in three days. while foreign shippers usually take five to seven days. It’s a huge loss for us if we have to wait nearly a week after unloading at the dock. For now, Hanjin’s container vessels won’t be stranded at sea. but it faces an uphill.
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