Hanjin Shipping filed for court receivership last week, after lenders decided to halt all support to South Korea’s biggest container shipping line. The effect of this action has implications for Australian ports, ships services suppliers, stevedores, empty container parks, importers, exporters, freight forwarders, Customs brokers and transport companies.
The vessel Hanjin California was due to berth in Sydney on 3rd September and the Hanjin Milano has an ETA 6th September in Melbourne. Importers with containers on these vessels are being asked to pay a security bond of several thousand dollars to Hanjin Australia prior to release, however they have also said they will accept Bank Guarantee or Solicitor’s Guarantee Letter.
Hanjin is among many shipping lines grappling with a slump in global trade since the GFC and the slowing of China’s economic growth. The industry worldwide has been forced to sell off assets, cut jobs and put some operations on hold to bolster finances, as the slowdown coupled with overcapacity has eroded freight rates.
Hanjin’s Chief Executive in South Korea, Moo-KyoonOh, issued a statement which included an apology in its concluding paragraph and stated: “Even under court receivership, the Company will exercise its utmost efforts to fulfil its duty to protect the interests of customers. […] We will continue to work diligently to protect your interests as a valued customer under the court receivership to the fullest permitted extent.â€
