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.
06 Sep 2016
The Saenuri Party, along with the Ministry of Foreign Affairs and Ministry of Oceans and Fisheries, have acted to obtain stay orders to prevent action from being taken against 97 of Hanjin Shipping’s vessels that are floating in waters worldwide due to ports denying entry to the vessels.
06 Sep 2016
More than half of Hanjin Shipping's 86 self-owned and chartered vessels currently at sea are displaying behaviour that deviates from normal shipping schedules, including route diversions, drifting, and extended berthing.
06 Sep 2016
Korean Air chairman and CEO Cho Yang-ho has ceded the running of embattled Hanjin Shipping to his co-CEO as the liner operator prepares to normalise its operations.
Generic hanjin ship side
05 Sep 2016
Collapse of Hanjin will raise concerns about the reliability and creditworthiness of container operators, say Arctic Group's Stavseth and Wikborg.
Hanjin Rome was arrested in Singapore
05 Sep 2016
Hanjin Shipping confirmed to IHS Fairplay on Monday that it has filed for Chapter 15 protection in the United States to prevent creditors from arresting its ships in that country.

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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