Hanjin gets $90m lifeline as it seeks to offload vessels at three ports

Hanjin Shipping has been thrown a KRW100bn ($90.6m) lifeline as it seeks to unload its stranded vessels at the ports in Asia and Europe.

The South Korean line’s parent Hanjin Group will provide KRW60bn, while chairman Cho Yang-ho will provide KRW40bn.

The sum is seen as falling far short of what is required to keep Hanjin Shipping operations running day-to-day with the company having KRW600bn of unpaid obligations such as charter hire at the end of August.

However, it would cover the costs of unloading cargo from vessels from the ailing company currently stranded around the world.

Terminal operators and other port service providers such as tug boat operators have been unwilling to provide services to Hanjin for fear of never getting paid, after the shipping filed for court receivership on 31 August.

Korean Deputy Finance Minister Choi Sang Mok said on Monday that Hanjin is looking to dock its stranded vessels in the ports of Singapore, Busan and Hamburg.

These ports are where the company sees it as least likely for the vessels to run into legal difficulties with bankruptcy protection orders recognised.

It would enable hundreds of thousands of containers full of goods to be offloaded and transferred to other vessels to reach their final destinations.

Posted 06 September 2016

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Marcus Hand

Editor, Seatrade Maritime News

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