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  • 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

    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.

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    • Marooned Hanjin vessels spark shipping crisis | Daily Mail Online
      http://www.dailymail.co.uk/wires/afp/article-3770319/Marooned-Hanjin-vessels-spark-shipping-crisis.html

      Forty-five of our 144 vessels are unable to operate in the normal fashion in some 10 countries,” a Hanjin spokesman told AFP.

      Some of them are being impounded, others being barred from docking or discharging,” he said.

      Hanjin’s vessels, sailors and cargo are stuck in a maritime limbo as ports, wary they will not be paid for their services, refuse to let them dock, as well as refusing to handle or free cargo already landed.

      Also effected are ships not owned by Hanjin but contracted by it or those belonging to its alliance members, along with cargo and containers on board those vessels.

      US retailers, bracing for fall-out from Hanjin’s woes as they stock up for the crucial Christmas holiday sales season, have asked Washington to step in and help resolve a growing crisis, the Wall Street Journal reported Thursday.

      10 Hanjin vessels were either seized or denied access at Chinese terminals in Shanghai and Tianjin over the past 48 hours, according to local media reports, with another vessel seized in Singapore earlier the week.

      An estimated 540,000 containers are expected to face delivery delays, according to the reports.

    • Hanjin bankruptcy causes global shipping chaos, retail fears | Daily Mail Online
      http://www.dailymail.co.uk/wires/ap/article-3770081/Hanjin-bankruptcy-causes-global-shipping-chaos-retail-fears.html

      Three Hanjin container ships, ranging from about 700 feet to 1,100 feet (213 meters to 304 meters) long, were either drifting offshore or anchored away from terminals on Thursday. A fourth vessel that was supposed to leave Long Beach on Thursday morning remained anchored inside the breakwater.

      The Seoul-based company said Friday that one ship in Singapore had been seized by the ship’s owner. Hanjin Shipping spokesman Park Min did not confirm any other seizures.

      As of Friday, 27 ships had been refused entry to ports or terminals, she said.

      That left cargo headed to and from Asia in limbo, much to the distress of merchants looking to stock shelves with fall fashions or Christmas toys. “Someone from the garment industry called earlier today asking: ’How long is this going to go on, because I’ve got clothing out there,’” Louttit said.

    • U.S. Firms Take Action Against Hanjin As Vessels Are Denied at Ports
      http://fortune.com/2016/09/02/hanjin-shipping-ports-us-firms

      Roughly half of Hanjin Shipping’s container vessels have been blocked from ports since the South Korean firm’s collapse, putting manufacturers and their customers increasingly on edge about the fate of cargo and spikes in freight costs.

      Woes for world’s seventh-largest container shipper have only deepened since its banks withdrew support and it filed for court receivership this week. One vessel has also been seized by a creditor in Singapore while firms in the U.S. have launched legal action against Hanjin to seize vessels and other assets over unpaid bills.

      The potential for cargo to be stranded, perhaps indefinitely, is unnerving for many – particularly as industry insiders and analysts believe that Hanjin has little chance of being rehabilitated and its assets will eventually be liquidated.
      […]
      Hanjin accounts for 7.8% of trans-Pacific trade volume for the U.S. market and has a global client base. Of 8,281 owners of goods to be transported as of late August, 847 were South Korean firms, according to government data.