Hanjin Shipping: Recent News and Notices

Hanjin Shipping, the seventh largest steamship line by capacity, filed for court protection which leaves many questions about their continued operations.

Photo Source: www.hanjin.com

In light of this, Scarbrough is working on getting your cargo rebooked on new carriers. Please note this may incur additional fees as we work through each of your unique situations. If your cargo is already enroute, we are working on getting additional details from the carrier about their plans with the containers currently on board.

Please note there are many rumors already circulating throughout the industry and Scarbrough will do its best to ensure we can substantiate all claims.

Finally, it is our belief that other carriers will use this as an opportunity to increase rates through General Rate Increases (GRIs) and a possible Peak Season Surcharge (PSS). As always, Scarbrough will work to mitigate these charges to the best of our ability to keep your cargo moving at the most competitive rates possible. This situation will cause capacity issues as space becomes tight.

Thank you for your continued support.  As indicated in our recent Hanjin post, we will continue to monitor the situation and keep you posted.

We have gathered some recent news and notices and compiled them for your convenience in regards to the situation.

Port of Virginia
The Port of Virginia will not be accepting any inbound Hanjin cargo (freight for export) at any of the port’s marine or intermodal terminals. The port, however, will accept empty Hanjin containers at the PPCY.

CMA CGM Notice
Hanjin Shipping, apart from being a member of CKYHE Alliance, is a partner of CMA CGM Group on 5 out of the Group’s 200 shipping lines.  CMA CGM states its contingency plan for the situation.

Evergreen Line Notice
As a member of the CKYHE Alliance, Evergreen Line has prepared the following contingency plan.

Hyundai Merchant Marine Co.
Korea’s second largest container line, plans to deploy 13 ships to ease Hanjin’s situation.

COSCO Americas
In reference to media reports stating a potential bankruptcy of Hanjin Shipping, we are closely monitoring the situation to ensure your cargo is protected.

Yang Ming
In reference to media reports stating a potential bankruptcy of Hanjin Shipping, we are closely monitoring the situation to ensure your cargo is protected.

HMM Picks up Hanjin Slack
Hyundai Merchant Marine (HMM) will not be drawn on whether it will pick up assets from bust compatriot line Hanjin Shipping.

Hanjin Ships stranded at Sea
What this situation is doing to freight rates, Long Beach, Busan, and Korean Air.

Hanjin-Related Losses equal $344 Million
Korean Air Lines and Hanjin Shipping are both owned by Hanjin Group, which states a larges loss for one equals a large gain for the other

There’s Good and Bad in Hanjin’s Fall
Depending on whom you ask, South Korea’s largest container-shipping company filing for court receivership has shades of good, traces of bad, and dollops of ugly.

Korea’s Hanjin Shipping Becomes Symbol of Industry in Pain
Hanjin Shipping Co., the distressed Korean container mover that filed for court protection Wednesday, is emerging as a symbol of the slump that has plagued the industry since the global financial crisis.

CKYHE and Korea Inc scramble to avoid Hanjin supply chain meltdown
With claims against bust containerline Hanjin Shipping flying in and its ships around the world facing arrest, the South Korean legal system is moving into top gear to protect the endangered company.

Worldwide Fallout from Hanjin Collapse
Maritime Executive talks about the effect this collapse has on our economy and ports.