Creditors of bankrupt carrier Hanjin Shipping have filed claims that would give them only a tiny proportion of what is owed, a company attorney has told a New Jersey bankruptcy court.
Hanjin Shipping
Hanjin Shipping
Prior to filing for bankruptcy in 2016, Hanjin Shipping was the world’s seventh-largest container shipping company worldwide and number one in Korea, with a fleet of 98 container vessels. Founded in South Korea in 1949, Hanjin was present in 60 countries with approximately 6,000 employees. Hanjin joined THE Alliance when that vessel-sharing agreement entered force in 2017.
Hanjin Shipping filed for bankruptcy protection Aug. 31, 2016, after months of trying to raise liquidity and restructure its debt, triggering a mad scramble by shippers to locate and gain control of their containers. Hanjin vessels were arrested and ports refused to work Hanjin ships for fear they would not be compensated. Hanjin Shipping's collapse is by far the largest container shipping bankruptcy in history and the consequences had serious implications throughout international supply chains and the transportation sector.
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22 Jun 2017
The unemployment rate of the global fleet continues to edge higher.
31 May 2017
The New York Stock Exchange-listed group’s net income tumbled.
22 Mar 2017
A federal judge has allowed a bank to foreclose on and sell its interest in more than 1,500 Hanjin Shipping containers to repay the bank for owed lease payments.
17 Mar 2017
The lessons to be learned from the collapse of Hanjin Shipping are almost too many to absorb.
17 Feb 2017
The legal salvo is the latest sign of how Hanjin containers continue to disrupt the global container shipping market.
14 Feb 2017
Aside from Hanjin Shipping, the Hanjin Group has a controlling share of Korean Air Lines, and its subsidiaries range from various logistics companies to universities.
14 Feb 2017
Signs of a container shortage are emerging with leasing companies reluctant to place orders for new containers until they get their Hanjin leased boxes back, and up to 40 percent of those units have yet to be recovered.
30 Jan 2017
A pension fund for longshoremen at the Port of New York and New Jersey want permission from a bankruptcy court to seek companies related to the carrier who can help pay the debt.
30 Jan 2017
More than two-thirds of failed Hanjin Shipping’s fleet is still looking for employment.
18 Jan 2017
A New Jersey judge allows Hanjin Shipping to sell its share of a company that operates terminals in Seattle and Long Beach
14 Jan 2017
Creditors worried they won’t be properly compensated with the sale proceeds.
06 Jan 2017
Port of Seattle wants MSC to post a bond guarantee before being allowed to purchase Terminal 46.
04 Jan 2017
The trans-Pacific is one of the world’s most competitive container trades, with at least six container lines over the last six years having entered the trade lane only to pull out later.
27 Dec 2016
Hanjin Shipping’s US liabilities far exceed its US assets, the company told a New Jersey bankruptcy court Tuesday amid close scrutiny from a host of US creditors.
21 Dec 2016
A court in Seoul approved the sale of Hanjin Shipping’s stake in US port operator Total Terminals International to Mediterranean Shipping Co.
14 Dec 2016
US logistics are jockeying in court to ensure they get paid for services provided to Hanjin Shipping in the wake of an auditor’s report that the carrier has little value and is likely headed for liquidation.
07 Dec 2016
TTI refuses to post security bond with Northwest Seaport Alliance.
01 Dec 2016
Risks surrounding rapid changes in carrier and terminal industries are a source of confusion for ports and shippers.
22 Nov 2016
A Hanjin Shipping attorney told a federal court Tuesday that it has virtually no assets in the United States to compensate claimants who are fighting to preserve their claim rights if the court recognizes the carriers’ South Korean bankruptcy case.
22 Nov 2016
Cargo insurance company and several logistics companies also filed papers to protect their rights to make claims against Hanjin Shipping if a US bankruptcy court recognizes the carrier’s South Korean bankruptcy proceeding.
17 Nov 2016
The South Korean government is looking to the country's large multinational exporters to take a major role in turning around the fortunes of its struggling shipping sector.
16 Nov 2016
Hanjin Shipping spiraled closer to insolvency in the third quarter as Hyundai Merchant Marine turned a profit for the second straight three-month period as they plan for the future.
16 Nov 2016
Dry bulk carrier is set to acquire Hanjin Shipping's five 6,500-TEU ships, in an attempt to diversify its holdings.
14 Nov 2016
Cameron Roberts, partner at Roberts & Kehagiaras, offers ways drayage and trucking companies can protect themsleves from financial and legal exposure to Hanjin Shipping assets.
09 Nov 2016
US importers of containerized goods from Asia should expect to pay more for their 2016-2017 contracts and be prepared to say goodbye to giveaways, such as free detention and chassis, said the head of a discussion group of container lines on Wednesday.
07 Nov 2016
Doubts that Hanjin Shipping wouldn’t join the THE Alliance began once the liner was placed in receivership Aug. 31, fueling speculation that HMM might take its place.
03 Nov 2016
The Port of Long Beach will chip away at the backlog of empty Hanjin Shipping-leased containers in Southern California that has built up since the container line declared bankruptcy on Aug. 31 when a ship calls to pick up some of the empties.
01 Nov 2016
The judge hearing Hanjin Shipping bankruptcy motions in the United States has rejected a request by retailer Ashley Furniture to set up an “administrative freeze” on freight payments it owed to the carrier.
28 Oct 2016
Hyundai Merchant Marine is one of five bidders for the trans-Pacific and intra-Asia networks of bankrupt Hanjin Shipping.
27 Oct 2016
Terminal operators and stevedores make up the second-largest group of organizations making financial claims against bankrupt Hanjin Shipping.
27 Oct 2016
The fleet of idle container ships is racing to an all-time high.
26 Oct 2016
Anxiety over the staying power of container lines after the Hanjin Shipping collapse is thick among beneficial cargo owners, vendors, and the container lines.
25 Oct 2016
A federal judge on Tuesday allowed a chassis company to terminate leases with Hanjin Shipping.
24 Oct 2016
Hanjin Shipping is negotiating with the terminal operating subsidiary of Mediterranean Shipping Co. to purchase its TTI terminal in Long Beach, but MSC has a minimum annual financial commitment at another terminal in the port.
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