Shipping giant Hanjin filed for receivership in South Korea and filed for bankruptcy in the United States last week after its finances collapsed. This week news is emerging that Hanjin is trying to file for bankruptcy protection in 40 different jurisdictions as they desperately work to prevent any more of their ships from being seized in port. Hanjin operated the world's seventh largest container line at a loss in four of the last five years. The number of Hanjin ships which have been denied access to ports stands at 79. Hanjin claims a fleet of 141 ships, of which 128 are operating. Spot shipping prices on routes conveying cargo from Asia to North America have been holding ~40% higher than they were immediately before Hanjin's initial bankruptcy filing. The firm's current crisis follows the recent refusal of creditors to lend Hanjin any more capital to finance its operating expenses. Sorry for your loss.
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Qntra - Herald Of The Most Serene Republic |
I heard most of the ships were leased.
If you think about it, that's a pretty good strategy. Have the ships owned by an ultra-conservatively-run company that will never ever be exposed to the risk of creditors seizing property, lease the ships to the risk-takers.
Oh and I don't buy this "denied access to ports" bullshit for even a second. Corporate told the captains to stay outside the coast guard lines until this shit got sorted out in order to prevent seizure of everything on the ship.