Executive Briefings

Hanjin Shipping Sails Toward Biggest Ocean Line Bankruptcy Ever

Hanjin Shipping has elected to file for court receivership, the first step towards what will be the largest container line bankruptcy in history - six times larger than the collapse of United States Lines three decades ago, the previous record holder.

Hanjin operates 98 container ships totaling 600,000 TEU, 11 port terminals and 74 sea routes, in addition to bulker operations.

The long-term fallout from Hanjin Shipping's insolvency will have far-reaching effects, but the impact is already being felt in ports around the world.

In Virginia, the state's port authority has announced that its container terminals will not accept any more Hanjin cargo at Hampton Roads, and it is working out plans for dealing with the Hanjin containers it already has on site.

In Los Angeles, the Hanjin/MSC-owned TTI Long Beach container terminal has announced that it "will discontinue delivery of all Hanjin import containers" and will "no longer accept Hanjin export or empty containers."

TTI Seattle announced that it "will no longer be receiving Hanjin empties or exports in the gate."

Other port authorities and terminals in Shanghai, Xiamen, Valencia, Savannah and many other locations have blocked Hanjin ships over concerns that the firm cannot pay port and stevedoring costs.

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Hanjin operates 98 container ships totaling 600,000 TEU, 11 port terminals and 74 sea routes, in addition to bulker operations.

The long-term fallout from Hanjin Shipping's insolvency will have far-reaching effects, but the impact is already being felt in ports around the world.

In Virginia, the state's port authority has announced that its container terminals will not accept any more Hanjin cargo at Hampton Roads, and it is working out plans for dealing with the Hanjin containers it already has on site.

In Los Angeles, the Hanjin/MSC-owned TTI Long Beach container terminal has announced that it "will discontinue delivery of all Hanjin import containers" and will "no longer accept Hanjin export or empty containers."

TTI Seattle announced that it "will no longer be receiving Hanjin empties or exports in the gate."

Other port authorities and terminals in Shanghai, Xiamen, Valencia, Savannah and many other locations have blocked Hanjin ships over concerns that the firm cannot pay port and stevedoring costs.

Read Full Article