On 8/31/16 Hanjin filed for court receivership after losing support of its banks due to excessive debt. The court will decide whether Hanjin will continue to operate or be dissolved. This process normally takes two months but the courts have agreed to expedite this particular case.
Hanjin vessels are beginning to be ‘captured’ or refused for berthing by numerous terminals around the world. We have begun to halt bookings on any Hanjin Vessels.
Hanjin’s receivership status has begun to impact the Import and Export markets. Containers are being held at the terminals as Hanjin has begun to stop operating. All previous bookings and future bookings are being transferred to other carriers. This is causing a sudden space restriction on the remaining operating vessels accepting the Hanjin booking transfers.
Terminals and rail lines around the country are refusing to release or accept any Hanjin containers/shipments. Long delivery delays may be experienced on those shipments already loaded or sailed on Hanjin vessels.
A notice was received today stating the following: This vessel is being refused by the terminal due to Hanjin’s financial difficulties. At this time we d not know when this vessel will be allowed to berth at terminal.
Held & Associates will continue to monitor the situation as it unfolds and will keep you closely advised. If you have any questions regarding this matter, please contact your account executive or email@example.com.
Held & Associates