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

HMM CEO Yoo Chang-keun (left) and DSME CEO Jung Sung-leep (right)
24 Aug 2018
HMM is on track to receive financial aid from KDB and KOBC for newbuildings, but local media reports say the handout may fall short.
08 Sep 2016
A growing fleet of ships will be deployed to recover Hanjin's stranded cargo.
08 Sep 2016
Seafarers on Hanjin's stranded ships are beginning to receive supplies after a Seoul court approved an application by the carrier.
07 Sep 2016
Hanjin Shipping detailed its business struggles in its filing for Chapter 15 protection in the United States.
07 Sep 2016
Busan and Yeosu Gwangyang port authorities are getting KRW10.1 billion (USD9.16 million) in government incentives to boost an early recovery of transhipment volumes from Hanjin Shipping.
A Hanjin Shipping vessel
06 Sep 2016
Another Hanjin ship is arrested, this one in Australia's Port Botany.

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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