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

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.
08 Feb 2017
The Hanjin Group, parent of bankrupt Hanjin Shipping, will hire 20 of the latter’s shore-based staff in an attempt to cushion the impact of the liner operator’s failure.
Hanjin Scarlet
02 Feb 2017
Hanjin had been due to submit a rehabilitation plan on Friday, but trading of the company's stock was suspended today.
Hanjin's terminal at the port of Long Beach.
19 Jan 2017
TTI LLC runs a container terminal in Long Beach and was jointly owned by Hanjin Shipping and Mediterranean Shipping Company.

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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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