Six Hanjin Shipping vessels are confirmed as arrested following the line’s court receivership at the end of last month. Seven more are docked at ports under embargo while another three on charter have been returned to their owners, Hanjin said in a belated fleet update yesterday.
Efforts are being stepped up to get as many ships as possible back onto Korean soil, with Busan Port Authority preparing to welcome more Hanjin hulls than normal in the coming weeks. With a US judge extending bankruptcy protection to the Korean company, Hanjin is now offloading cargo of a second ship that has been queuing at Long Beach for the past fortnight.
Meanwhile, Cho Yang-ho, the chairman of parent, Hanjin Group, has completed transferring an emergency KRW40bn ($36m) into the stricken line to help get cargoes offloaded. However, regulators have warned that it may take “considerable time” for sister firm, Korean Air to come up with the KRW60bn it has pledged to help out Hanjin.
On Monday, Choi Eun-young, a former chairwoman of Hanjin Shipping, pledged to provide KRW10bn in private funds.
The promises of additional funding however fall way short of what Hanjin needs to survive. It had debts in excess of $5bn as of the end of June.
Moreover, the Korean government looks likely to remain steadfast in its decision not to throw more money Hanjin’s way.
“We will not sit silently by as corporate managements who do not aggressively try to recover their businesses and wait for the government to solve everything,” the nation’s president, Park Geun-hye, said at a cabinet meeting today.
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