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

judge's gavel
08 Dec 2017
Choi Eun-young was found guilty of selling off her shares in Hanjin Shipping shortly before the liner operator agreed to come under the control of its main creditor Korea Development Bank in April 2016.
Fishermen in South Korea with a port in the background.
10 Oct 2017
With several shipping companies and shipbuilders in financial crisis, Seoul is stepping in to try to prevent any major repercussions on a national level.
Hanjin containers
08 Aug 2017
Sales of the bankrupt liner operator’s most prized assets raised a relatively paltry USD220 million.
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.

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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