0370 270 6000

already registered?

Please sign in with your existing account details.

need to register?

Register to access exclusive content, sign up to receive our updates and personalise your experience on brownejacobson.com.

Privacy statement - Terms and conditions

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.

related opinions

Deadline for registration for all operators and pilots of drones – midnight today!

Mandatory registration under the Drone Safe Drone and Model Aircraft Registration and Education Service starts at 00.00 on 30 November 2019.

View blog

Bailleurs et locataires, vos baux commerciaux sont-ils armés pour résister à l' épreuve du futur?

Durant les deux dernières semaines, nous avons connu vu une nouvelle vague d’annonces concernant de grandes enseignes du commerce britannique.

View blog

Commission requires delivery service providers to reveal price lists with new rules

Rules to enhance regulatory oversight and improve pricing transparency of cross-border parcel delivery services were adopted by the European Council on 12 April 2018.

View blog

Greater consumer protection needed following retailer insolvency

A recent Law Commission report entitled ‘Consumer Prepayments on Retail Insolvency’ has considered the need for greater protection for consumers.

View blog

mailing list sign up

Select which mailings you would like to receive from us.

Sign up