This week Korean media outlets reported that the chairman of Hanjin Group borrowed $36 million to bolster financially troubled affiliate Hanjin Shipping. It was also reported that South Korea’s bankruptcy court extended Hanjin’s deadline for submitting a rehabilitation plan from Nov. 11 to Dec. 19. However, shipping industry analysts seem increasingly skeptical about Hanjin Shipping’s ability to secure financing and avoid liquidation.
On its company website, Hanjin has now posted an operating vessel status report, which is updated daily and available for download by customers tracking cargo. Information gathered from USMEF’s international staff continues to show only modest shipping disruptions as a result of the Hanjin situation, but if you have questions or concerns please contact the USMEF Technical Services Department.