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THE HANJIN STORY ENDS

Dec 09 2016

Three months after Hanjin Shipping filed for court receivership the last of the containers stranded on board its stricken box vessels have been discharged with the final load being discharged from the 5,744 teu Hanjiin Viennaover last weekend in Vancouver, where the ship has been under arrest since September 1 due to outstanding fees at the Canadian port. Export containers bound for Asia were loaded onto Hanjin Seattle before it heads to North Asia to deliver its final load, now only 10 ships remain under the company's control. Two are destined for the scrapyard, namely the 4,024 teu Hanjin Los Angeles and the 5,302 teu Hanjin Paris, which are expected to be delivered to breakers on the Indian subcontinent in the coming weeks. Hanjin Rome is also expected to be sent for scrapping upon release, while Hanjin Vienna will be returned to its owner. Two Hanjin ships remain active. Returning from Asia to the US west coast is Hanjin Seattle, while Hanjin Bremerhaven is on its way to the US east coast having also disembarked from Asia. The former is expected to be given back to owners next month, while Hanjin Bremerhaven is expected to be sold along with four sister ships. These ships were originally supposed to be part of the sale of Hanjin’s transpacific network awarded to Korea Line last week. These five 6,655 teu ships are expected to be sold, but they will hardly fetch more than $70m in total in the current environment of depressed market values for container shipping assets.

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