In a BBC video, Mrs Sharanjit Leyl goes in search of one of Hanjin Shipping’s vessels, which has been stranded off the coast of Singapore since last week, when the firm filed for bankruptcy protection.
Hanjin’s financial troubles have led to as much as $14bn (£10.5bn) of its customers’ merchandise being anchored out at sea.
Find out more by reading BBC article – The strange story of a seized Hanjin ship and its lonely crew
Hanjin Shipping Co, the world’s seventh-biggest container shipper, operating some 70 liner and tramper services and transporting more than 100 million tons of cargo annually, is currently in the wake of the collapse, which ”will probably spark fresh consolidation among container lines as they attempt to ride out the shock waves buffeting the industry”, Hapag-Lloyd AG Chief Executive Officer Rolf Habben Jansen said.
The chairman of Hanjin Group transferred 40 billion won ($36 million) to Hanjin Shipping on Tuesday to help unload cargo stranded on the troubled shipper’s vessels, but Reuters said regulators warned securing further funds could take “considerable time.”
Bankruptcy court has extended deadline for Hanjin Shipping’s rehabilitation plan until December. Wall Street Journal comments that analysts increasingly see the company heading toward its liquidation, rather than rehabilitation, given that the government has signaled that it sees no future for Hanjin by calling on smaller rival Hyundai Merchant to buy its healthy assets.