WK Webster
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Hanjin Bankruptcy Implications

31 Aug 2016

Hanjin Bankruptcy Implications

South Korea's Hanjin Shipping Co Ltd filed for Court Receivership on Wednesday 31 August, which the Seoul Central District Court is reported to be planning to grant.

According to Reuters and the Wall Street Journal, Hanjin has lost the support of its banks. There is a possibility of its assets being frozen in ports around the world. Already there are reports of its vessels being denied access to numerous ports from China to Spain over fears of its inability to pay dues, or being arrested and blocking berths.

Hanjin is the world's seventh largest container carrier and there will be cargoes on multiple vessels at present that may experience difficulties as a result of this.

This is likely to have implications for all cargoes on board but especially time sensitive cargoes and for cargoes booked to travel imminently. Of course there will be longer term consequences across the industry

W K Webster is experienced in dealing with the ramifications of financial default in a voyage and stands ready to assist in any matter with which you may be concerned.

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