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HANJIN PROGRESS

Oct 10 2016

Most of the containers on collapsed carrier Hanjin are expected to be offloaded by the end of October, according to South Korean government sources.The government has reiterated that Hanjin Shipping and its parent firm, Hanjin Group, are fully responsible for covering the costs of discharging the more than $14 billion in cargo from its vessels stuck at sea. But with all the measures taken so far, around 90% of Hanjin’s vessels should finish offloading their cargoes by the end of October, an official at the Ministry of Oceans and Fisheries advised. Hanjin has a total of 97 container vessels.

Hanjin Shipping last week secured US$100m in short-term borrowings from financial institutions to help alleviate the logistics situation faced by its vessels stranded at sea worldwide, raising its total short-term borrowings to around Won160.6bn from Won50.6bn previously.

Earlier in the week, Seoul Central District Court said the sale of Hanjin Shipping was one of the options legal authorities were considering with the shipping line in receivership. But the court has not decided on a course of action at the moment, according to a court official.

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