Earlier this week Hanjin Shipping announced that it is filing court receivership after its main creditor refused to provider any further financial support to the troubled line. With over 100 container vessels on the water (plus over 100 other vessel types) transporting 3.7 million TEU of containerised goods per annum it comes as no surprise that the effects of this news is being felt worldwide.
Over the next couple of months a South Korean court will decide if the company will be able to restructure or if it must liquidate its assets. However without any guarantee that creditors will be paid vessels are being turned away from ports and some transport companies and rail lines are refusing to carry Hanjin containers to the port for export.
In other instances import containers are being held at the terminal and Hanjin themselves are refusing to release containers without an additional ‘bond’ payment made upfront with the promise of a refund upon the return of the empty container; Hanjin Australia have not been able to confirm how long this refund will take or any guarantees that the refund will actually be paid.
Shippers are scrambling to repack containers and move them to other services but with other lines already close to capacity delays can be expected. Hanjin containers already delivered to the wharf may not be available to collect again to move to another service but this varies from port to port.
Given the current state of the shipping market it is expected that lines will increase rates given space restrictions coming up to peak season.
We are contacting all customers with affected shipments and are working with all lines to reduce the impact on deliveries.