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Hanjin vessels moving again amid chaotic global supply chain scenes

Hanjin vessels moving again amid chaotic global supply chain scenes

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Splash has been given exclusive access by BigOceanData to its proprietary system allowing readers to see where all Hanjin Shipping vessels are around the world. The access shows that most previously stranded ships in international waters are now moving again, with many heading towards South Korea. Readers can find full details of all the ships by clicking here.

hanjinsteaming

“Vessels that are within the region without fear of being arrested – such as Korea, the US, Japan and the UK, cargoes are to be discharged at ports,” a source at Hanjin Shipping told Splash today.

Separately, Splash can reveal that Hanjin Shipping’s China network has come to a complete halt. All China offices of the Korean line are not working at the moment with Splash redirected to Seoul headquarters. There have been earlier reports of knife wielding angry customers and contractors trying to attack workers at Hanjin’s Tianjin office. Other violence has been aimed at Hanjin workers around the world, with one report suggesting a number of employees in India sought protection at a consulate.

In another hammer blow to the beleaguered line, which sought court protection eight days ago its main creditor, Korea Development Bank (KDB) has refused a court request to hand over further financial support. KDB has shied away from the request fearful it would not be able to recoup the money.

Earlier this week, parent Hanjin Group promised to pump KRW100bn ($91m) to the line to help it offload cargo around the world, a figure that was originally going to be matched by the state, something authorities have since decided against.

More Hanjin ships have been seized around the world. Two fuel suppliers teamed up to lay a claim on the 4,253 teu Hanjin Montevideo which has been arrested at Long Beach.

Meanwhile, irate shippers around the world have slammed ports for trying to cash in on Hanjin’s demise. Ports in the US, for instance, are trying to squeeze shippers for as much as $4,200 per container, while terminal operators in Hong Kong are charging shippers an additional fee of $1,260 to release each Hanjin container. Other ports in Europe and Asia are also demanding four-digit dollar figures if shippers want to get their boxes released. In Shanghai, the world’s largest container port, authorities are refusing to unload Hanjin boxes, shippers tell Splash, until the Korean line pays all its existing debts owed to the port, causing major supply chain headaches for many shippers.

Trying desperately to solve the crisis, with an estimated $14bn of cargoes on Hanjin ships around the world, the South Korean government has announced plans to deploy more than 20 containerships from next week as substitutes for Hanjin Shipping vessels.

Splash has been leading the way with coverage of the decline and fall of Hanjin Shipping – for our full archive on 2016’s biggest maritime story, click here.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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2 Comments

  1. Dredd Willy
    September 8, 2016 at 8:20 am

    In a low interest environment, the limit where usury are to be considered are lower than in a high interest environment.
    When the general interest rate is 15 % then perhaps 60-700% interest i usury, but 5 %, then 20-300 % is usury. The same goes for extra fees on top of ordinary fees.

    This is the problem with monetary easing, because the supply glut in the form of speculative capital investments goes to infinity when the interest rate goes to zero or negative. Reverse usury could be a new term form for economic majors to write about.

    When the monetary tide changes direction slightly a lot of empty vessels are eating cash flow even if they are laid up.

    One could say that central bankers and big bank executives are partly responsible in a civil and criminal manner to the situation that have occured. The longer a boom is sustained via monetary easing, the larger the crash will be when it finally happens because the excesses have grown for a longer period of time. It is all in the equations in the interface between economic theory and human behaviour. If you do not have knowledge of both, you are ignorant and should be in kindergarten – not in charge of monetary or fiscal policy.

  2. Brian R. McCaughrin
    September 8, 2016 at 3:42 pm

    You People Call Yourself Grown up, Better take financial interest In HANJIN Container Lines, Or RISK, This Happening to you as well. What goes around, comes around..You grown up are acting like School Children, Really??? Threatening Hanjin Employees, From doing their job? How about all of you in Transportation Professional, Putting yourself in their shores for One second, Is this the way, I want to be treated??, Is the way, I’ want to do business??? Then GROWN UP, QUICK ACTING LIKE A–..HANJIN is doing everything in its power to get Specific Countries lined up to take their Container Ships to be unloaded, but A–, Like Korea Development Bank, Wont “Follow Direct Order” from The Bankruptcy Judge, Is Standing In you Customer Way of Getting, Your Cargo, So I would go after Korea Development Bank, (KDB) & March around their banks, Till Bank Give Money is Earmarked to Hanjin, (KDB), Are keep crying the blues they wont get their money back, Well Da, Perfect Example of Stupidity on Korea Development Bank, You just gave Sucker, Hyundai Merchant Marine, A $569M Injection Loan in June 2016 and Bailed them out?, Then Two, (2) Months, Later On September 1, 2016, Hyundai Merchant Marine, “DEFAULT on MISSED $2,000,000,000 Billion Debt Payment” Saying We don’t have The money to make payment??? DA, Who is the Sucker, here, ??? Korea Development Bank.. So (KDB) You have Already loss your money, big time with them.. At Least HANJIN SHIPPING, Has Been Pouring Funds, Selling Profitable Operation for the Past Two (2) Years into its Company, To keep it from running aground, SO HELP THEM OUT, & BE DONE WITH IT!