Hanjin Shipping Update

In recent weeks, Hanjin Shipping has been on the headlines of every publication.  The most recent update includes the ocean carrier filing for the equivalent of chapter 11 in South Korea and seeking chapter 15 bankruptcy protection days later in the U.S.  During this time, approximately $14 billion of cargo has been stranded at sea, Hanjin ships have been turned away from terminals and some ships even seized by creditors. However, over the weekend, a U.S. judge signed an order granting Hanjin Shipping provisional protection from creditors in the U.S.  Ships that were originally stranded off the coast were able to dock and begin unloading cargo at the Port of Long Beach, with 13 more ships enroute to ports in the U.S.


Korean Air Lines, Hanjin Shipping’s biggest shareholder had originally announced it would provide cash flow to the carrier, postponed the decision, then has most recently agreed to lend Hanjin Shipping “60 billion won ($54 million), using Hanjin Shipping’s Long Beach port-terminal assets as collateral, which is part of Hanjin Group’s pledge to put up 100 billion won in aid to help resolve the situation. [source]

According to Wall Street Journal,

“Hanjin also has asked a South Korean court for authorization to use a further $3.5 million to have goods that have already been unloaded and are sitting at U.S. ports delivered to their owners, a process that its lawyer said could be jump-started as soon as Wednesday.

South Korean Minister of Trade, Industry and Energy Joo Hyung-hwan met with local exporters and smaller shippers Sunday and promised to use government funds to help deliver cargo to its final destination on time. Mr. Joo also said the government was working with Hanjin’s smaller South Korean rival, Hyundai Merchant Marine Co., and other companies to deploy extra vessels to deal with stranded cargo.”

What if your cargo isn’t on a Hanjin ship?  

It may still effect you as space becomes tight.  Read more below.

Hanjin’s Bankruptcy brings Tight Space

Scarbrough continues to monitor this situation and keep our clients updated if their cargo is effected.  For more information, please email info@scarbrough-intl.com.

Download Hanjin Vessel Status

To read more about the situation:


American Shipper

Wall Street Journal