Korea Development Bank, the main lender to Hanjin Shipping, has agreed a conditional credit line of KRW50bn ($45m) in a bid to help get the line’s cargoes unloaded.
In total, Hanjin has now received KRW160bn in emergency loans from different parties, but it still falls far short of the KRW600bn the Korean government estimates the company will need in the coming months. Hanjin has until December 19 to come up with a viable restructuring plan, with early reports suggesting it will look to slim down and become an intra-Asia container operator.
Separately, the Mission to Seafarers, a UK charity, has offered to help Hanjin Shipping in providing welfare support to their 2,500 seafarers onboard 97 containerships, many of which have been stranded in international waters since the end of August.
Ken Peters, Director of Justice and Public Affairs, The Mission to Seafarers, said: “If the ships continue to be blocked from entering port, there could be a welfare crisis for these seafarers, as vessels will quickly run out of food, fuel and essential provisions. Seafarers will be very anxious and their families at home will be concerned and distressed. The Mission to Seafarers has now issued a global alert to all our 200 port welfare teams to be ready to assist Hanjin seafarers when they come into port.”
WOW, It about time, Korea Development Bank, (KDB) to Bale Hanjin Shipping, what $45M, what happen to the More then $90M, you were suppose to give Hanjin Shipping two weeks ago, and everyone wonders why Country of South Korea Government is in this mess. Had Government & (KDB) done what you promise two weeks ago, every container on Hanjin Shipping Ships, Would of been unloaded and clients would have their cargo, and you call yourself a bank, Please. I’ would not put you clowns in charge of car wash, long enough a bank. Hanjin Shipping, has far better chance in putting restructure plan together, come December 19, 2016, after its dumps close to $2B of shipping charter it does not need, scrap unprofitable rotes, and shed 60% of your employees, and out sources, your ships. Hyundai Merchant Marine, Is days away of filing bankruptcy, with $900% debt to equity ratio, $8.5B worth of debt, and missed $2B debt payment on September 1, 2016, saying they don’t have money to make payment..