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Biggest shipping company in South Korea, Hanjin Shipping, files for receivership

1 September 2016

The world’s seventh largest container carrier, Hanjin Shipping Co Ltd, filed for receivership yesterday as banks led by Korea Development Bank withdrew their backing from the company for failing to tackle its debt of approximately $5.5 billion.

The announcement comes in the midst of a troublesome restructuring for South Korea’s shipbuilders and shipping firms, who’ve faced a slowdown in demand, over capacity and significant drops in charter rates.

Ports from China, Spain, and the USA have denied access to Hanjin’s vessels over concerns that fees will not be paid. A vessel, the Hanjin Rome, was also seized in Singapore on Monday by a creditor. South Korea’s Oceans Ministry estimated a three month delay in the shipping of some goods.

If Hanjin are shipping goods on your behalf, there is a risk that creditors in the delivery chain may attempt to exercise a lien over your goods pending payment, which could delay the goods reaching you or your customers. If you need assistance, please contact us for advice.

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