Hard road ahead for Hanjin

2016 has been a year of struggle for Hanjin Shipping. The South Korean liner operator applied for court protection on 31 August after losing the support of local banks that were dissatisfied with its liquidity plan. With more than USD5 billion of debt, the liner operator's receivership has had widespread ramifications - for its shippers, tonnage providers and container carrier rivals. Keep track of the latest developments with Fairplay's dedicated Hanjin topic page.

News & Analysis

24 May 2017
The lessons learned from the Hanjin Shipping collapse are almost too many to absorb, but the panel 'Lessons from Hanjin'
Hanjin Hamburg
18 Apr 2017
Sinokor has bought two 2011-built 8,586 teu ships, Hanjin New York and Hanjin Hamburg, for USD12.5 million each, a discount from the USD14.95 million valuation for each ship.
Container ship Hanjin Rome
07 Mar 2017
Hanjin Rome was arrested by its owner, German tonnage provider Rickmers Reederei, over unpaid charter hire a day before Hanjin Shipping went into receivership.
WFS was entitled to sell the Hanjin Netherlands to recover the monies owed to the bunker-trading firm.
22 Feb 2017
The South Korean courts have ordered the sale of four container ships and one Kamsarmax bulk carrier that belonged to bankrupt Hanjin Shipping to pay off the latter's creditors.
21 Feb 2017
South Korean banks have lowered their exposure to their country's largest shipbuilders and now-defunct Hanjin Shipping.
17 Feb 2017
Hanjin Shipping’s 40-year existence is set to come to an end on 17 February, when the Seoul Central District Court is expected to declare the company bankrupt. Fairplay looks back on the path to decline for the company that was once South Korea’s largest shipping line.

Commentary

Concerns about Hanjin Shipping were flagged up long before the South Korean line filed for bankruptcy. The reason why BCOs were wrong-footed and why it took so long for Hanjin Shipping to collapse lies in its 4,000 creditors, a number that shows just how interwoven the threads of the shipping industry have become.

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