In International Shipping News 20/09/2016
About one third of the container ships operated by near-bankrupt Hanjin Shipping Co. have completed their cargo unloading at ports around the globe as of Sunday, the troubled shipper said Monday, with 34 container ships still stranded at sea.
Of the 97 container ships operated by the financially shaky shipper, 28 have unloaded goods. Hanjin Shipping said it is also in negotiations to begin unloading in New York, Singapore and Mexico next week.
Hanjin Shipping is also set to return a total of 17 ships to their owners in the coming weeks as they plan to end leasing contracts.
Meanwhile, Korean Air Lines Co., the largest shareholder of Hanjin, is still undecided on whether to provide its pledged 60 billion won in cash to the country’s No. 1 shipper.
Last week, the airline said it would provide the funds in return for collateral, but came under fire for its lack of commitment to help its shipping affiliate stay afloat.
Cho Yang-ho, the chief of the Hanjin Group, the parent of Hanjin Shipping, has borrowed 40 billion won from banks in order to help the group’s cash-strapped shipping line.
Hanjin Shipping’s receivership earlier this month sent ripples through the global shipping network with more than half of its ships stranded at sea out of fears that they may be seized by creditors.
The ships were also blocked from entering ports in the United States, China, Canada and many other nations, as lashing service firms and port workers refused to work for the shipper out of concerns that they would not be paid.
Earlier, the government said Hyundai Merchant Marine Co., the country’s No. 2 shipper, plans to deploy ships on Hanjin Shipping-operated routes.
Hyundai Merchant Marine, currently under a creditor-led debt restructuring scheme, may seek to take over Hanjin Shipping’s healthy assets such as port terminals and global business networks.
Hanjin Shipping Co.’s container boxes sit stacked at Busan port, in South Korea, on Sept. 11, 2016.
Source: Yonhap
