{"id":54986,"date":"2016-09-09T08:27:58","date_gmt":"2016-09-09T08:27:58","guid":{"rendered":"https:\/\/splash247.com\/?p=54986"},"modified":"2016-09-09T09:08:07","modified_gmt":"2016-09-09T09:08:07","slug":"taps-turned-off-as-hanjin-shipping-edges-closer-to-oblivion","status":"publish","type":"post","link":"https:\/\/splash247.com\/taps-turned-off-as-hanjin-shipping-edges-closer-to-oblivion\/","title":{"rendered":"Taps turned off as Hanjin Shipping edges closer to oblivion"},"content":{"rendered":"<p>The chaos wrought by Hanjin Shipping\u2019s <a href=\"https:\/\/splash247.com\/borrowed-time-comes-end-hanjin-shipping-files-court-receivership\/\" target=\"_blank\"><span style=\"text-decoration: underline;\"><span style=\"color: #000080; text-decoration: underline;\">court receivership<\/span><\/span><\/a> \u2013 container shipping\u2019s largest ever bankruptcy \u2013 stepped up a notch today with sister company Korean Air stepping back from earlier promises to pump KRW60bn ($54.7m) in emergency money to at least get all cargoes off the shipping line\u2019s stranded fleet.<\/p>\n<p>Parent of both airline and shipping line, Hanjin Group, had earlier in the week <a href=\"https:\/\/splash247.com\/hanjin-shipping-given-ray-of-hope-with-capital-promise\/\" target=\"_blank\"><span style=\"text-decoration: underline;\"><span style=\"color: #000080; text-decoration: underline;\">promised KRW100bn in emergency funding<\/span><\/span><\/a> for the line with KRW60bn coming from Korean Air and the remainder from the group\u2019s owners, the Cho family. However, the board at the airline failed to reach agreement on the payment today. They will meet again tomorrow.<\/p>\n<p>The cash shortfall comes also as lead creditor Korea Development Bank (KDB) has pulled back from injecting further funds into the ailing company, putting it on the brink of extinction.<\/p>\n<p>The delay in rescue funding has placed Hanjin\u2019s cargoes bound for the US at risk as the US bankruptcy court on Tuesday issued a provisional injunction for Hanjin ships calling at American ports until the line submits persuasive payment plans. The final hearing is due on Saturday in Korean time. Hanjin had previously earmarked Los Angeles as a place to unload stranded boxes.<\/p>\n<p>How Hanjin\u2019s parent, creditors and the government have handled the receivership of the line has been criticised heavily by analysts Alphaliner in a recent report. The French firm said the failure to act quickly had done irreparable damage to the Korean carrier\u2019s reputation and any talk of a merger with Hyundai Merchant Marine (HMM), or another \u2018white knight\u2019, is now very unlikely given its financially ruinous situation.<\/p>\n<p>Separately, representatives of the US Department of Commerce have met with South Korea\u2019s oceans and fisheries vice minister Yoon Hag-bae and asked the Korean government to step in to prevent further delays in shipments to the US. Tales of supply chain chaos across the world continue to flood into Splash with discussion at our interactive forum <a href=\"https:\/\/splash247.com\/chat\/\" target=\"_blank\"><span style=\"text-decoration: underline;\"><span style=\"color: #000080; text-decoration: underline;\">Splash Chat<\/span><\/span><\/a> throwing up many intriguing developments in what has become the shipping news story of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The chaos wrought by Hanjin Shipping\u2019s court receivership \u2013 container shipping\u2019s largest ever bankruptcy \u2013 stepped up a notch today with sister company Korean Air stepping back from earlier promises to pump KRW60bn ($54.7m) in emergency money to at least get all cargoes off the shipping line\u2019s stranded fleet. Parent of both airline and shipping &hellip;<\/p>\n","protected":false},"author":3,"featured_media":54503,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_ml_titleColor":"#000000","_ml_titleFont":"Roboto","_ml_titleFontSize":1.136,"_ml_titleFontWeight":"400","_ml_titleLineHeight":1.3,"_ml_metaColor":"#708090","_ml_metaFont":"Montserrat","_ml_metaFontSize":0.6785,"_ml_metaFontWeight":"400","_ml_metaLineHeight":0.92,"_ml_bodyColor":"#a9a9a9","_ml_bodyFont":"Open Sans","_ml_bodyFontSize":0.85,"_ml_bodyFontWeight":"400","_ml_bodyLineHeight":1.2,"_ml_wooPriceColor":"#666","_ml_wooPriceFont":"Open Sans","_ml_wooPriceFontSize":0.9,"_ml_wooPriceFontWeight":"400","_ml_wooPriceLineHeight":1.27,"_ml_headingColor":"#000","_ml_headingFont":"Merriweather","_ml_headingFontSize":2.02,"_ml_headingFontWeight":"700","_ml_headingLineHeight":1.47,"_mlglobal_userfontcolors":{"headingColorUser":[],"titleColorUser":[],"metaColorUser":[],"bodyColorUser":[],"wooPriceColorUser":[]},"_uag_custom_page_level_css":"","footnotes":""},"categories":[80,56,57],"tags":[103,2037,216],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Taps turned off as Hanjin Shipping edges closer to oblivion - Splash247<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/splash247.com\/taps-turned-off-as-hanjin-shipping-edges-closer-to-oblivion\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taps turned off as Hanjin Shipping edges closer to oblivion - Splash247\" \/>\n<meta property=\"og:description\" content=\"The chaos wrought by Hanjin Shipping\u2019s court receivership \u2013 container shipping\u2019s largest ever bankruptcy \u2013 stepped up a notch today with sister company Korean Air stepping back from earlier promises to pump KRW60bn ($54.7m) in emergency money to at least get all cargoes off the shipping line\u2019s stranded fleet. Parent of both airline and shipping &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/splash247.com\/taps-turned-off-as-hanjin-shipping-edges-closer-to-oblivion\/\" \/>\n<meta property=\"og:site_name\" content=\"Splash247\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/Splash247\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-09T08:27:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-09-09T09:08:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"530\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sam Chambers\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@http:\/\/www.twitter.com\/SamChambers\" \/>\n<meta name=\"twitter:site\" content=\"@splash_247\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sam Chambers\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/splash247.com\/taps-turned-off-as-hanjin-shipping-edges-closer-to-oblivion\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/splash247.com\/taps-turned-off-as-hanjin-shipping-edges-closer-to-oblivion\/\"},\"author\":{\"name\":\"Sam Chambers\",\"@id\":\"https:\/\/splash247.com\/#\/schema\/person\/162629ecfe26c4ed792bf3b78fabb6f8\"},\"headline\":\"Taps turned off as Hanjin Shipping edges closer to oblivion\",\"datePublished\":\"2016-09-09T08:27:58+00:00\",\"dateModified\":\"2016-09-09T09:08:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/splash247.com\/taps-turned-off-as-hanjin-shipping-edges-closer-to-oblivion\/\"},\"wordCount\":359,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/splash247.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/splash247.com\/taps-turned-off-as-hanjin-shipping-edges-closer-to-oblivion\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port.jpg\",\"keywords\":[\"Editor's Picks\",\"Hanjin Shipping\",\"South Korea\"],\"articleSection\":[\"Asia\",\"Containers\",\"Dry Cargo\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/splash247.com\/taps-turned-off-as-hanjin-shipping-edges-closer-to-oblivion\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/splash247.com\/taps-turned-off-as-hanjin-shipping-edges-closer-to-oblivion\/\",\"url\":\"https:\/\/splash247.com\/taps-turned-off-as-hanjin-shipping-edges-closer-to-oblivion\/\",\"name\":\"Taps turned off as Hanjin Shipping edges closer to oblivion - 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His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.","sameAs":["https:\/\/splash247.com\/author\/samc\/","https:\/\/www.linkedin.com\/profile\/view?id=14083130","https:\/\/twitter.com\/http:\/\/www.twitter.com\/SamChambers"],"url":"https:\/\/splash247.com\/author\/samc\/"}]}},"jetpack_featured_media_url":"https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port.jpg","uagb_featured_image_src":{"full":["https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port.jpg",800,530,false],"thumbnail":["https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port-150x150.jpg",150,150,true],"medium":["https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port-300x199.jpg",300,199,true],"medium_large":["https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port-768x509.jpg",768,509,true],"large":["https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port.jpg",800,530,false],"1536x1536":["https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port.jpg",800,530,false],"2048x2048":["https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port.jpg",800,530,false],"jannah-image-small":["https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port-220x150.jpg",220,150,true],"jannah-image-large":["https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port-390x220.jpg",390,220,true],"jannah-image-post":["https:\/\/splash247.com\/wp-content\/uploads\/2016\/09\/Hanjin-Containership-in-port-780x470.jpg",780,470,true]},"uagb_author_info":{"display_name":"Sam Chambers","author_link":"https:\/\/splash247.com\/author\/samc\/"},"uagb_comment_info":1,"uagb_excerpt":"The chaos wrought by Hanjin Shipping\u2019s court receivership \u2013 container shipping\u2019s largest ever bankruptcy \u2013 stepped up a notch today with sister company Korean Air stepping back from earlier promises to pump KRW60bn ($54.7m) in emergency money to at least get all cargoes off the shipping line\u2019s stranded fleet. Parent of both airline and shipping&hellip;","views":"11","_links":{"self":[{"href":"https:\/\/splash247.com\/wp-json\/wp\/v2\/posts\/54986"}],"collection":[{"href":"https:\/\/splash247.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/splash247.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/splash247.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/splash247.com\/wp-json\/wp\/v2\/comments?post=54986"}],"version-history":[{"count":0,"href":"https:\/\/splash247.com\/wp-json\/wp\/v2\/posts\/54986\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/splash247.com\/wp-json\/wp\/v2\/media\/54503"}],"wp:attachment":[{"href":"https:\/\/splash247.com\/wp-json\/wp\/v2\/media?parent=54986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/splash247.com\/wp-json\/wp\/v2\/categories?post=54986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/splash247.com\/wp-json\/wp\/v2\/tags?post=54986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}