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Plan to Ease Cargo Crisis at Ports Due to Hanjin Bankruptcy

Hanjin Shipping, which handled almost 8 percent of the trans-Pacific trade volume for the USA market, stopped accepting new cargo.

U.S. Bankruptcy Judge John Sherwood approved a motion by Hanjin Shipping who sought to extend to the United States the protection from creditors which it has also done in home country South Korea. On Sept. 6, Hanjin Group announced plans to provide Hanjin Shipping with liquidity with its assets as collateral and to give the company an emergency cash infusion of 100 billion won (US$91.4 million), including the private assets of Cho Yang-ho, the group chairman. About 70 container movers and 15 bulk ships are stranded at 50 ports in 26 countries, according to Hanjin.

For more details on effect of congestion see original article.

"Maher is now being victimized by having hundreds of Hanjin containers clogging up its facility and impeding the ability of Maher to properly service its other customers", the company said in court papers on Thursday.

At the same event, Emanuel Chirico, CEO of Calvin Klein and Tommy Hilfiger owner PVH Corp, said Hanjin handles a small portion of the company's business, and "it really hasn't impacted us at all". "It will take several months to sort through the legalities, but any rate increase will be temporary", said David St. Amand, president of Navigistics Consulting.

While ships that have already docked are likely to be unloaded in the near future, the fate of ships and cargo still at sea appear far less certain. To receive a final order on bankruptcy protection, Hanjin representatives will have to return to court on Friday.

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The Korea Development Bank, one of the company's largest creditors, has yet to approve a disbursement of new funds to help alleviate the situation.

Hanjin's woes show the container-shipping industry is in bad health, limping from one exigency to another since the 2008 global financial crisis brought trading to its knees. Retailers in the United States depend heavily on it to bring such things as shoes and flat-screen televisions from the Pacific Rim, a top trading partner for the USA market, especially California.

Due to the Hanjin stoppage, Chinese suppliers for major brands like Hugo Boss, Nike and Ralph Lauren are scrambling to find alternate means of transporting goods to factories, often at great costs, according to the American Journal of Transportation.

Three Hanjin ships continued to sit Tuesday off the coast of Southern California, with their crews (normally about 25 workers) languishing.

Dozens of giant cargo ships have been drifting at sea around the world, stranding crews and billions of dollars worth of goods, after the financial collapse of the shipping company.

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