Analysts say Hanjin’s crisis was caused by a misreading of the global economy and high stakes bets gone wrong. The line declared bankruptcy after its creditors rejected restructuring plans. The fallout has held up cargo deliveries around the world as ports have blocked access to Hanjin’s ships, including in Shanghai, Sydney, and Hamburg. Hanjin plans to take legal action in jurisdictions worldwide to prevent its vessels being seized. Its vessels currently carry cargo worth 16 trillion won ($14.5 billion). It had a debt of 5.6 trillion won at the end of 2015, and at least three US companies have launched legal action against the shipping giant to seize vessels and other assets over unpaid bills.
In Australia, Hutchison Ports have confirmed they are releasing containers on Hanjin B/Ls, subject to a container deposit & stevedoring charges paid to Hutchison Ports, and say:
– Container deposit is refunded upon return of the empty.
– Storage has not been applied to containers at this point but is due to commence on Sunday, subject to management confirmation later.
– Hanjin Shipping have confirmed the Container Deposit will not be applied by them on Hanjin California containers at Hutchison Ports.
The owners of Hanjin Shipping will provide 100 billion won ($US90 million) to contain disruptions to the global supply chain, and the South Korean Government has also been asked to offer the same amount in loans at low interest rates, if Hanjin provides collateral. This won’t be enough to save the shipping line, but it will help pay fees to unload stranded cargo.
