It’s not just Maersk, MSC and Hyundai Merchant Marine (HMM) that have rushed to add capacity on the transpacific trades in the wake of the court receivership of South Korea’s Hanjin Shipping.
Hanjin, which had a 7.54% market share on the key tradelane in the first half of the year according to PIERS, has nixed all of its regular sailing since it sought court protection at the end of last month.
Maersk and MSC have thrown extra ships on new services on the tradelane, which kicked off today, as has HMM. French analysts Alphaliner report China Cosco Shipping, Yang Ming and CMA CGM have added extra sailings to the US in September and October too.
In the US, Hanjin Shipping creditors are trying to get a bankruptcy judge to change his decision to grant the Korean liner court protection. The creditors, which include towage and bunkering firms, are arguing the ruling should not cover the ships that Hanjin charters, something that could add further headaches to tonnage providers already hit hard by Hanjin’s downfall. Nevertheless, Hanjin-controlled ships continue to offload cargoes in the US, and now at more than one port. Oakland has started working on at least one Hanjin ship with more likely to follow.
Back in Seoul, South Korea’s bankruptcy court has decided to extend the deadline for Hanjin to submit a rehabilitation plan until December 19. The court gave no explanation for the three-week extension.
For full, unrivalled coverage of the decline and fall of Hanjin Shipping, click here.