company:hanjin shipping co

Hanjin Revival Tough If Unloading Not Expedited, Court Says - Bloomberg
▻http://www.bloomberg.com/news/articles/2016-09-21/hanjin-s-revival-tough-if-unloading-isn-t-expedited-court-says

The South Korean court overseeing the receivership application of Hanjin Shipping Co. said the stranded vessels of the troubled container line are taking too long to unload cargo, and a delay will make it impossible to revive the company.

Hanjin needs to quickly end the supply chain disruptions and the longer it takes to return the chartered ships means more claims and debt will pile up, a court spokesman said, declining to be identified, citing policy. The board of Korean Air Lines Co., the largest shareholder of the shipping line, will meet Wednesday night in Seoul to speed up about 60 billion won ($54 million) of funding to the company, according to a person familiar with the plan, who asked not to be identified as the information is private.

Shares of Hanjin Shipping tumbled to a record low Wednesday amid fading chances of survival and after Yonhap News Agency, citing the court, reported a rehabilitation plan was “realistically impossible.”

#tough_revival or #realistically_impossible ?

Full Hanjin ship can not dock because there’s no plan to leave | Reuters
▻http://www.reuters.com/article/hanjin-shipping-debt-usa-bankruptcy-idUSL2N1BW1JR

Failed South Korean cargo line Hanjin Shipping Co Ltd has found the money to unload a full container ship waiting outside a New York-area port. But there is another problem: once unloaded, the empty vessel may not be able to go back out to sea.
[…]
Hanjin has the money to dock its Hanjin Miami, Federal Maritime Commissioner William Doyle, whose agency regulates international shipping, told an industry event on Friday.

But the Miami is not being allowed in port because of a dispute about empty Hanjin shipping containers, which the Miami normally would load up as ballast to exit port.

Without those empties, the ship “will not be able to depart the harbor because it would not have the air clearance to navigate under the Bayonne Bridge — even at a dead low tide,” said Doyle. Without a way to leave, the ship could tie up a berth.

“There are so many disputes right now attached to empty containers that the terminal is not going to load the empties back onto the ship,” Doyle said.

Hanjin Fall Is Lehman Moment for Shipping, Seaspan CEO Says - Bloomberg
▻http://www.bloomberg.com/news/articles/2016-09-13/hanjin-s-fall-is-lehman-moment-for-shipping-seaspan-ceo-says

The fall of South Korea’s biggest container line Hanjin Shipping Co. is similar to the 2008 collapse of Lehman Brothers Holdings Inc. and has materially impacted the shipping industry, Seaspan Corp. Chief Executive Officer Gerry Wang said.
[…]
The South Korean government estimates Hanjin Shipping needs at least 600 billion won [530 million USD] to cover unpaid costs like fuel and cargo handling.
[…]
“At the end of the day, the [shipping] industry has been money losing,” Wang said. “For like any industry, for long term, it’s just not sustainable.”

Three ships chartered to troubled Hanjin Shipping sold | Reuters
▻http://www.reuters.com/article/us-hanjin-shipping-debt-idUSKCN11J06S

▻http://s1.reutersmedia.net/resources/r/?m=02&d=20160914&t=2&i=1153455112&w=&fh=545px&fw=&ll=&pl=&sq=&r=LYN

Three ships chartered to Hanjin Shipping Co Ltd (117930.KS) have been sold, the first of dozens of vessels expected to be hawked following the failure of the world’s seventh largest container shipper.

Around $14 billion of cargo has been tied up globally as ports, tugboat operators and cargo handling firms worried about not being paid refuse to work for Hanjin, which filed for receivership in a Seoul court on Aug 31.

#transport #transport_maritime #containers cc @simplicissimus

Relief for Samsung is air cargo’s loss, as US judge rules Hanjin ships can unload - The Loadstar
▻http://theloadstar.co.uk/relief-samsung-air-cargos-loss-us-judge-rules-hanjin-ships-can-unload

The air freight industry appears to have missed a boost to business from the collapse of container line Hanjin, after a US court ruled that the line’s ships could dock under provisional bankruptcy protection.
[…]
The hi-tech company has 304 containers of parts and finished goods for its visual display business, valued at $24.3m, on the two ships, while a further 312 containers held finished goods from its home appliances division, valued at approximately $13.4m.

Samsung explained that if the ships were not allowed to dock, it would need to charter at least 16 air freighters, at a cost of $8.8m, to move 1,469 tons of alternative goods.

C’est l’opérateur du terminal de containers (également filiale de Hanjin…) qui n’est pas vraiment réjoui qui voit se profiler le spectre de navires ventouses.

The court motion for provisional relief was contested by TTI, a joint-venture owned by Hanjin Shipping Co and Terminal Investment, which operates two marine terminals in the US (Long Beach and Seattle) and provides services to Hanjin and other lines.

TTI filed its own motion alleging that the “lack of a short-term plan for these vessels will lead to mayhem. The vessels will have no means to berth (as the tugs and tug operators will not service them) and no ability to unload (as the unions and port operators will not serve them). And even if these tasks are somehow accomplished, Hanjin must provide fuel and supplies for its ships, but they do not appear to be able to pay these bills”.

Hanjin scrambles to prevent ship seizures as more vessels blocked | Reuters
▻http://www.reuters.com/article/hanjin-shipping-debt-idUSL3N1BH033

South Korea’s Hanjin Shipping plans to take legal action in jurisdictions worldwide to prevent its vessels being seized, as more of its ships were blocked from docking at ports in the wake of its collapse.

As of Monday, 79 Hanjin ships including 61 container ships and 18 bulk carriers have been denied port access, according to South Korea’s maritime ministry. That figure includes one vessel seized in Singapore by a creditor, a company spokeswoman said. Hanjin has 141 ships, of which 128 are operating.

At least three U.S. firms have launched legal action against Hanjin to seize vessels and other assets over unpaid bills.
[…]
Hanjin vessels are currently carrying cargo worth 16 trillion won ($14.5 billion) belonging to some 8,300 cargo owners, the Korea International Trade Association said, adding that the carrier has unpaid bills of 610 billion won.

As part of its efforts to gain legal protection for its ships, Hanjin has filed a Chapter 15 petition in a U.S. bankruptcy court in New Jersey. It plans to pursue legal action in roughly 10 countries this week and later expand that to 43 jurisdictions, South Korea’s financial regulator said.

Many port authorities and service providers are demanding cash to work on Hanjin ships, the Hanjin spokeswoman said.

Its lead creditor, the state-run Korea Development Bank, met with officials of parent firm Hanjin Group to discuss its commitment to paying fees so stranded ships can enter ports, but did not reach a conclusion, a bank spokesman told Reuters.

Hanjin Ships Get Stranded in High Seas, Roiling Supply Chain - Bloomberg
▻http://www.bloomberg.com/news/articles/2016-09-01/hanjin-s-ships-get-stranded-in-high-seas-roiling-supply-chain

https://assets.bwbx.io/images/users/iqjWHBFdfxIU/it6sOi43vzv0/v2/1200x-1.png

Hanjin Shipping Co.’s vessels are getting stranded at sea after the South Korean container mover filed for court protection, roiling the supply chain of televisions and consumer goods ahead of the holiday season.
LG Electronics Inc. is trying to find new carriers for its goods, the world’s second-largest manufacturer of televisions said. Shipments through Hanjin account for between 15 percent and 20 percent of LG’s deliveries to America. Hyundai Merchant Marine Co., the nation’s second-biggest container line, stepped in, saying it plans to add 13 more vessels to ease the squeeze.

#échoué_en_haute_mer …