Hanjin Files For Bankruptcy

[bobabode]

'Hanjin ships, cargo and sailors stranded at sea'

"With South Korea's biggest shipping company filing for bankruptcy protection, the vessels, sailors and cargo of Hanjin Shipping are stuck in limbo, stranded at sea.

Ports, fearing they will not get paid, refuse to let them dock or unload.

That means the ships are forced to wait for Hanjin, its creditors or partners to find a solution.

It's a case of unprecedented scale, with experts expecting the deadlock to last for weeks, if not months.

"[It is] a major disaster for the shipping companies and for the companies that own the goods in those containers," Greg Knowler, maritime and trade analyst with IHS Markit, told the BBC from Hong Kong." BBC

http://www.bbc.com/news/business-37241727

Who knows the ripple effects that will come of this. I hope they work this out soon.

[donquixote99]

Can't the port guys get a lien on the ships?

Or, I'd figure the cargo owners would pay to get it unloaded in some cases.

[CarlV]

Wow, I sure see a lot of their containers making their way to places via the Port Of Oakland. They are going to close it down anyway in favor of down south like Long Beach or something.

Carl

[Rajoo]

Originally Posted by donquixote99

Can't the port guys get a lien on the ships?

Or, I'd figure the cargo owners would pay to get it unloaded in some cases.

Clearing Customs alone can become a bureaucratic nightmare with Hanjin out of the picture.