Hanjin shares resume trading and slide 30%

Hanjin shares resume trading and slide 30%

Shares of Hanjin Shipping fell by the daily limit of 30% in Seoul today, as trading resumed after South Korea’s top shipping line filed for court receivership last Wednesday.

Hanjin, which filed for Chapter 15 in the US too, is now in the process of seeking court protection in another 10 countries including Canada, Germany and the UK to avoid more of its assets being seized.

A total of 68 Hanjin ships are currently stranded around the world, while at least one, the Hanjin Rome boxship, has been arrested by creditors.

The demise of Hanjin and its ramifications for the glober liner trades will be discussed today at 0.900 hours Copenhagen time (8am London, 3pm Singapore) via a live Q&A session with analysts from SeaIntelligence Consulting over on our interactive forum, Splash Chat.

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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1 Comment

  1. Brian R. McCaughrin
    September 5, 2016 at 5:26 am

    Good Morning Everyone: This was expected to happen after Hanjin Shipping, Who Filed Bankruptcy, On August 29, 2016. With Sixty (68) Eight of Hanjin Vessel’s Right Now Are in Neutral Waters, So that No Banks, Or Greedy Lawyers, Cant Slap Hanjn Shipping Captain’s, With Arrest Warrants. All this will be settled, Once Hanjin Lawyers File Bankruptcy In Ten (10) More Countries, Where Hanjin Vessels are currently to protect their assets, and The Bankruptcy Judge can then address the issue at stake. It amaze me how everyone Keep making such a big deal on Hanjin $4.1B, “But” Not Hyundai Merchant Marine, Who DEFAULT on It Loan, & Missed $2,000,000,000 Billion Debt Payment, of September 1, 2016. Who was quoted as saying, We don’t have the money to pay it…Its debt is $7.6B, and Its Debt to Equity if 900% from 850% as of September 1, 2016., It presently burning through $1M dollars, A Day in Total Operational Cost’s, & It Largest Lender: Korea Development Banker, (KDB) said Hyundai is in Great Financial Shape, Wow who greasing who hands here? Whats in the water they are drinking.