Tag: bankruptcy

Less than a year after Hanjin Shipping's bankruptcy, all the 14 remaining South Korean shippers are joining forces to form the first domestic alliance, aiming to restore the country’s shipping sector. Under the name "Korea Shipping Partnership", the new shipping consortium will be led by Hyundai Merchant Marine.

European Shippers’ Council members issued a report, informing that many shippers who regularly export goods to Asia have been facing a large drop of available slots for containers on almost every shipping line.

The August 2016 collapse of Hanjin Line was a wake-up call for the entire ocean transportation supply chain, Commissioner with the US Federal Maritime Commission, said at 2017 TPM Conference. More than $14 Billion in cargo was stranded at sea and ships were scattered all over the globe at anchor or just outside territorial waters.

On February 17, the Seoul Central District Court officially declared the bankruptcy of Hanjin Shipping Co Ltd which had been the world's seventh-largest container shipper. Earlier this month, the South Korean Court decided in favor of a bankruptcy following estimation that the company's liquidation value would be worth more than its value.

A South Korean court officially announced the date which Hanjin Shipping is set for liquidation. The company, which was the world's seventh-largest largest container line, is expected to declare bankruptcy on February 17 after a two-week period for appeals.

OSG tanker owner went bankrupt in 2012. However, the company recently announced that it has settled charges with the SEC for failing to recognize a few liabilities in its financial statements.

Port of Long Beach container volumes declined 16.6 percent year-over-year in September. The number of containers handled during September was impacted not only by reduced calls by Hanjin-operated ships, but also by the absence of Hanjin containers on vessels.

According to shipping consultancy Drewry, Hanjin’s bankruptcy leaves the proposed carrier grouping THE Alliance at a size disadvantage to both its future rivals. Might a replacement be called up?

Global maritime welfare charity The Mission to Seafarers has offered to help Hanjin Shipping in providing welfare support to its 2,500 seafarers onboard 97 container ships.

Kawasaki Kisen Kaisha, Ltd. (K Line) issued a statement on Friday to officially announce that an email circulated by another logistics company suggesting the potential bankruptcy of K Line was 'false'.