Hanjin shipping line files for bankruptcy

cum2soon
cum2soon

Korean Air Estimates Hanjin-Related Losses at Up to $344 Million

Korean Air Lines Co. estimated losses on its investments in Hanjin Shipping Co., which applied for court receivership Wednesday, at more than a third of projected operating income for this year.

Losses on loans and an equity stake in the container shipping line will be as much as 383.3 billion won ($344 million), Korean Air Lines said in a regulatory filing Wednesday. Operating profit for the airline will probably be 1 trillion won this year, according to the average of analyst estimates.

http://www.bloomberg.com/news/articles/2016-08-31/korean-air-estimates-hanjin-related-losses-at-up-to-344-million

All urls found in this thread:
http://www.bloomberg.com/news/articles/2016-08-31/korean-air-estimates-hanjin-related-losses-at-up-to-344-million
http://www.joc.com/trucking-logistics/trucking-equipment/flexi-van-leasing/us-truckers-chassis-providers-struggle-hanjin-chaos_20160901.html
http://www.ttnews.com/articles/basetemplate.aspx?storyid=43049
http://www.seattletimes.com/business/hanjin-bankruptcy-stalls-global-shipments-of-consumer-goods/
http://www.latimes.com/business/la-fi-hanjin-bankruptcy-20160901-snap-story.html
http://www.cnbc.com/2016/08/31/hanjin-shipping-vessel-unable-to-dock-at-south-korea-port-yonhap.html
http://www.cnbc.com/2016/09/01/about-10-hanjin-ships-effectively-seized-at-china-ports-trade-body-says.html
http://www.joc.com/maritime-news/container-lines/hanjin-shipping/hanjin-bankruptcy-preventing-empty-containers-moving-asia-us_20160901.html
http://www.wsj.com/articles/hyundai-ships-take-cargo-delayed-by-rival-hanjins-bankruptcy-protection-filing-1472747412
http://www.courthousenews.com/2016/09/01/as-hanjin-collapses-creditors-race-to-court.htm
http://www.wsj.com/articles/hyundai-ships-take-cargo-delayed-by-rival-hanjins-bankruptcy-protection-filing-1472747412
https://en.wikipedia.org/wiki/2007_South_Korea_oil_spill
http://news.zum.com/articles/32831325?cm=popular
http://www.hankyung.com/news/app/newsview.php?aid=2016090232388&;meun=&nid=realtime
https://www.theguardian.com/business/2016/sep/02/hanjin-shipping-bankruptcy-causes-turmoil-in-global-sea-freight
http://wtvr.com/2016/09/02/u-s-retailers-warn-of-shipping-crisis-as-holiday-shopping-looms/
http://www.marketwatch.com/story/hanjin-shippings-bankruptcy-filing-could-ruin-the-holiday-season-for-retailers-2016-09-02
http://fortune.com/2016/09/02/hanjin-shipping-ports-us-firms/
http://www.reuters.com/article/us-hanjin-shipping-debt-alliance-idUSKCN11801C
http://www.wsj.com/articles/hanjins-demise-why-global-shipping-glut-isnt-going-away-1472811129
http://www.maritime-executive.com/article/hanjin-bulker-arrested-for-alleged-charter-arrears
http://english.chosun.com/site/data/html_dir/2016/05/26/2016052601512.html
http://aviationweek.com/awincommercial/korean-air-faces-fallout-hanjin-collapse
https://en.wikipedia.org/wiki/Cargo_airline#Top_10_cargo_airlines
https://en.wikipedia.org/wiki/Korean_Air_incidents_and_accidents
https://en.wikipedia.org/wiki/Nut_rage_incident
https://www.lloydslist.com/ll/sector/containers/article535704.ece
http://www.sfgate.com/news/world/article/Hanjin-bankruptcy-causes-global-shipping-chaos-9198888.php
http://vancouversun.com/business/local-business/hanjin-ship-stuck-in-receivership-limbo-at-prince-rupert-port-will-be-unloaded
http://www.telegraph.co.uk/technology/2016/09/02/samsung-note-7-recall-millions-of-phones-to-be-replaced-after-ba/
http://www.wsj.com/articles/samsung-to-recall-galaxy-note-7-smartphone-1472805076
http://www.ibtimes.com.au/samsung-galaxy-note-7-catches-fire-south-korean-company-delays-worldwide-shipment-investigate
http://www.ibtimes.com/samsung-galaxy-note-7-recall-south-korea-giant-already-talks-verizon-us-business-2410499
http://maritimeaccident.org/tags/hebei-spirit/
http://www.9news.com.au/national/2016/08/14/13/20/consumers-urged-to-check-washing-machines-after-fire-in-sydneys-west
http://www.dailytelegraph.com.au/news/nsw/washing-machine-fire-hospitalises-two-with-smoke-inhalation/news-story/c75f5e29414ccebe45734649277f1adb
http://www.baka.com.au/nsw/95yearold-woman-rescued-from-samsung-washing-machine-fire-in-auburn-20160813-gqrvzd.html
http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=2979755&ref=mobile
http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=2981660
http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=2981660
http://www.bloomberg.com/news/articles/2013-12-19/korean-air-to-sell-s-oil-stake-planes-to-raise-3-5-trillion-won
http://www.ft.com/cms/s/0/9d68fd20-68b6-11e3-bb3e-00144feabdc0.html#axzz4JFZHaGYs
http://english.yonhapnews.co.kr/national/2016/09/02/0302000000AEN20160902004400315.html
http://www.tradewindsnews.com/legal/775759/hanjin-shipping-targeted-in-us-lawsuit
http://atimes.com/2016/09/g20-chinas-xi-says-world-economy-at-risk-warns-against-protectionism/
http://finance.yahoo.com/news/hanjin-shipping-shares-dive-30-002411866.html
http://www.businesskorea.co.kr/english/news/industry/15753-huge-aftermaths-hanjin%E2%80%99s-53-vessels-denied-port-access
http://fortune.com/2016/09/05/hanjin-shipping-ships/
http://www.bloomberg.com/news/articles/2016-09-05/hanjin-shipping-shares-plunge-as-court-accepts-receivership-plan
http://www.reuters.com/article/hanjin-shipping-debt-idUSL3N1BH033
http://splash247.com/danaos-reveals-560m-exposure-hanjin/
http://www.businesstimes.com.sg/government-economy/south-koreas-august-foreign-reserves-rise-to-record-high
http://www.businesstimes.com.sg/stocks/seoul-stocks-end-at-more-than-1-year-high-won-jumps
http://gcaptain.com/hanjin-captains-ordered-slow-steam-drift-avoid-arrest/
http://pulsenews.co.kr/view.php?sc=30800018&year=2016&no=629173
http://in.reuters.com/article/hanjin-shipping-debt-samsung-lg-elec-idINKCN11B05I
http://www.bloomberg.com/news/articles/2016-09-06/hanjin-group-to-provide-100-billion-won-in-aid-to-shipping-line
http://www.crcconnection.com/2016/09/06/with-ships-stranded-hanjin-seeks-stay-orders-and-bankruptcy.html
http://www.wsj.com/articles/whirlpool-accuses-lg-and-samsung-of-dumping-1450278246
http://www.therakyatpost.com/business/2015/12/17/us-washing-machine-firm-seeks-anti-dumping-action-against-lg-samsung/
http://www.prnewswire.com/news-releases/us-government-again-finds-that-samsung-and-lg-dumped-washers-into-the-united-states-300301638.html
http://www.wsj.com/articles/u-s-to-charge-duties-on-some-samsung-lg-washing-machines-built-in-china-1469053917
https://en.wikipedia.org/wiki/2007_South_Korea_oil_spill
http://www.koreatimes.co.kr/www/news/biz/2016/04/127_203410.html
http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3018698
http://www.abc.net.au/news/2016-09-06/hanjin-loans-south-korea-government/7819494
http://fortune.com/2016/09/05/hanjin-shipping-ships/
http://www.reuters.com/article/us-hyundai-motor-strike-idUSKCN0ZT2L1
http://www.maritime-executive.com/article/south-korean-shipyard-workers-prepare-to-strike
http://worldmaritimenews.com/archives/197358/south-korean-shipyard-workers-to-go-on-joint-strike/
http://english.yonhapnews.co.kr/business/2016/07/21/95/0501000000AEN20160721011500320F.html
http://www.bloomberg.com/news/articles/2016-05-26/u-s-raises-potential-tariffs-on-south-korean-steel-imports
http://asia.nikkei.com/Politics-Economy/Policy-Politics/Anti-dumping-duty-slapped-on-imports-from-China-others
http://pulsenews.co.kr/view.php?no=570144&year=2016
http://english.thesaigontimes.vn/49537/Vietnam-to-impose-anti-dumping-tariffs-on-Chinese-Korean-steel.html
http://english.hani.co.kr/arti/english_edition/e_business/760226.html
http://www.hellenicshippingnews.com/hyundai-merchant-marine-hanjin-shipping-face-cash-crunch/
http://gizmodo.com/the-faa-is-considering-a-ban-on-samsungs-exploding-smar-1786250063
http://www.bloomberg.com/news/articles/2016-09-06/hanjin-s-ghost-ships-seek-havens-as-food-water-start-to-dwindle
http://splash247.com/anger-grows-14bn-stuck-cargoes-hanjin-ships/
http://www.maritime-executive.com/editorials/moral-hazard-case-study-hanjin-shipping
http://www.wsj.com/articles/south-korean-shipping-firm-fights-to-stay-afloat-in-global-storm-1454328362
http://english.hani.co.kr/arti/english_edition/e_national/760180.html
https://theloadstar.co.uk/hanjin-owes-us-11-6m-in-charter-payments-says-seaspan-carriers-business-is-at-risk/
http://www.koreaherald.com/view.php?ud=20160427000702
http://english.yonhapnews.co.kr/news/2016/04/23/0200000000AEN20160423000500315.html
http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3017987
http://www.news-us.jp/article/20160908-000003k.html
http://www.bbc.com/news/business-37295185
http://splash247.com/investigators-step-up-insider-trading-probe-at-hanjin-shipping/
http://splash247.com/former-hanjin-chairman-faces-prosecutors-insider-trading-charges/
http://splash247.com/ex-hanjin-chairwoman-summoned-again-allegations-insider-trading/
http://www.americanshipper.com/Main/News/Former_Hanjin_chairwoman_faces_insider_trading_cha_64283.aspx
http://www.hellenicshippingnews.com/ex-head-of-hanjin-shipping-summoned-again-for-insider-trading/
http://www.usatoday.com/story/money/business/2016/09/07/hanjin-shipping-seeks-us-bankruptcy-protection/89948440/
http://www.straitstimes.com/business/companies-markets/nike-samsung-suppliers-marooned-by-hanjins-collapse-race-for-thanksgiving
http://english.yonhapnews.co.kr/national/2016/09/08/0301000000AEN20160908002700320.html
https://www.youtube.com/watch?v=wuJMkH77wC0
http://www.techtimes.com/articles/176838/20160908/samsung-galaxy-note-7-use-banned-on-australian-flights.htm
http://www.reuters.com/article/us-hanjin-shipping-debt-samsung-elec-idUSKCN11E2ZH
http://www.reuters.com/article/hanjin-shipping-debt-idUSS6N19U01R?feedType=RSS
http://www.news-us.jp/article/20160909-000007k.html
http://www.wsj.com/articles/faa-urges-passengers-to-not-use-samsung-galaxy-note-7-on-planes-1473381966
http://www.theverge.com/2016/9/8/12856734/faa-samsung-galaxy-note-7-warning-statement
http://abcnews.go.com/US/florida-family-claims-samsung-galaxy-note7-phone-set/story?id=41946379
http://www.wsj.com/articles/samsung-to-sell-681-million-of-shares-in-asml-holding-1473330923
http://www.bbc.com/news/business-37304940
http://oilprice.com/Energy/Energy-General/How-The-Hanjin-Bankruptcy-Could-Impact-Oil-Prices.html
http://www.businessinsider.com/hajin-shipping-bankruptcy-effect-on-us-companies-2016-9
http://www.reuters.com/article/hanjin-shipping-debt-idUSS6N17L046
http://seekingalpha.com/news/3207828-hanjin-funding-plan-faces-delay
http://www.reuters.com/article/us-hanjin-shipping-debt-freight-idUSKCN11F00D
http://www.crcconnection.com/2016/09/09/retailers-ask-usa-to-help-resolve-shipping-crisis.html
http://www.bloomberg.com/news/articles/2016-09-09/quicktake-q-a-the-shipping-line-that-could-spoil-christmas
http://www.cnbc.com/2016/09/07/hanjin-shippings-collapse-likely-to-hit-christmas-shoppers-global-postage.html
http://www.thenewamerican.com/economy/sectors/item/24022-hanjin-bankruptcy-a-harbinger-for-the-global-economy
http://maritimematters.com/2016/09/hanjin-shipping-shutdown-causes-chaos/
http://www.crcconnection.com/2016/09/09/half-of-south-korean-shipping-companys-container-fleet.html
http://www.crcconnection.com/2016/09/08/united-states-retailers-concerned-over-shipments-stranded.html
http://www.bloomberg.com/news/articles/2016-09-09/quicktake-q-a-the-shipping-line-that-could-spoil-christmas
http://www.todayonline.com/business/suppliers-marooned-hanjin-collapse-scramble-thanksgiving-rush
http://www.reuters.com/article/us-hanjin-shipping-debt-freight-idUSKCN11F00D
http://www.reuters.com/article/us-hanjin-shipping-debt-freight-idUSKCN11F00D
http://www.theinvestor.co.kr/view.php?ud=20160909000879
http://www.reuters.com/article/us-hanjin-shipping-debt-idUSKCN11F0ES?il=0
http://fortune.com/2016/09/09/samsung-court-order-hanjin/
http://appleinsider.com/articles/16/03/11/three-weeks-after-calling-for-apple-boycott-donald-trump-is-tweeting-from-his-iphone-again
https://au.news.yahoo.com/world/a/32579133/us-japan-warn-against-using-samsung-galaxy-note-7-on-planes/
http://www.usatoday.com/story/travel/flights/todayinthesky/2016/09/09/faa-dont-use-samsung-galaxy-note-7-planes/90115874/
https://www.youtube.com/watch?v=utHRQtuzuYo
http://www.wsj.com/articles/samsung-galaxy-note-7-users-should-stop-using-charging-devices-cpsc-says-1473453757
http://money.cnn.com/2016/09/09/technology/samsung-galaxy-note-7-airplane-enforcement/
http://www.cpsc.gov/en/Newsroom/Press-Statements/Press-Statement-from-the-US-Consumer-Product-Safety-Commission-Regarding-the-Samsung-Galaxy-Note7/
http://www.cbsnews.com/news/cpsc-warning-samsung-note-7-phones-fire-explosions/
http://www.businesskorea.co.kr/english/news/ict/15807-boarding-galaxy-note-7-korean-government-not-prohibit-air-passengers-carrying-galaxy
http://world.kbs.co.kr/english/news/news_Dm_detail.htm?No=121716
http://www.koreaherald.com/view.php?ud=20160908000830
http://english.yonhapnews.co.kr/news/2016/09/08/47/0200000000AEN20160908011900315F.html
http://www.koreatimes.co.kr/www/news/nation/2016/05/116_205648.html
https://en.wikipedia.org/wiki/Korean_Air_incidents_and_accidents
http://english.yonhapnews.co.kr/news/2016/09/08/47/0200000000AEN20160908011900315F.html
http://www.fox13news.com/news/local-news/203295058-story
http://www.wmbfnews.com/story/33034080/recalled-samsung-note-7-possible-cause-of-horry-county-house-fire
http://www.faa.gov/news/updates/?newsId=86424
http://fortune.com/2016/09/09/samsung-printer-business-hp/
http://www.wsj.com/articles/samsung-shares-unloaded-in-galaxy-note-7-fire-sale-1473428218
http://www.hellenicshippingnews.com/s-korea-concerns-rise-over-fall-in-orders-from-foreign-shipowners/
http://nextshark.com/rupert-wingfield-hayes-north-korea-interrogation/
http://www.koreatimes.co.kr/www/news/opinon/2016/03/202_199643.html
http://www.koreaherald.com/view.php?ud=20160909000896
http://english.donga.com/Home/3/all/26/740083/1
http://www.bloomberg.com/news/articles/2016-09-09/hanjin-wins-u-s-bankruptcy-shield-allowing-cargo-off-ships
http://www.usatoday.com/story/money/markets/2016/09/10/hanjin-bankruptcy-could-impact-oil-prices/90112036/
http://www.maritime-executive.com/article/one-hanjin-ship-cleared-in-the-us
WebTool
WebTool

@cum2soon
Ducks for them
Good for my company OOCL

Booteefool
Booteefool

@cum2soon
@WebTool

$344 million

they cannot raise even the money of this sum

Methnerd
Methnerd

Hanjin shipping line is dead
Is Hyundai Merchant Marine ok???

Evilember
Evilember

@cum2soon
I work as a freight forwarder.

I have hundreds of containers on ships that are being refused entry to ports because the stevedores fear they won't be paid.

literally spent all day answering calls from concerned customers asking 'what about my containers?'

v. v. concerned because this means a shit load more work in my busiest season (although this season not that busy since global economy is in the toilet).

SniperWish
SniperWish

any shipping that isn't Maersk
who gives a fuck

whereismyname
whereismyname

@Evilember
I know that feel, bro.

I'm with K+N in Los Angeles, who're you with? Looking forward to another full fucking day of it tomorrow?

Flameblow
Flameblow

@whereismyname
DB schenker freight forwarding here.

Not a good day.

TalkBomber
TalkBomber

@Booteefool
$344 million

Hanjin Group
Korean Air Co.,LTD (KRX : 003490)
Korean Air, is the largest airline and flag carrier of South Korea
@cum2soon
Hanjin shipping line files for bankruptcy
Hanjin Shipping Co.,LTD (KRX : 1 South Korea's largest and one of the world’s top ten container carriers in terms of capacity
Hanjin Transportation Co.,LTD (KRX : 005430)
Korea Airport Service Co.,LTD (KRX : 002320)

Stupidasole
Stupidasole

container shipping never really recovered after 2008, the falloff in trade dropped rates and there was too much competition. People have been saying for years that after a few companies fold it'll lead to freight rate increases and things will get back on track. Now we'll see.

takes2long
takes2long

@cum2soon
This sort of stuff really interests me, is there a data analytics position in import/export? It's my current field of study

CouchChiller
CouchChiller

In the past, I've always followed tech company stocks.
Whenever some major news hit, stocks would immediately adjust. I thought this must be the "efficient market hypothesis" I had heard about.

In the last year I've started work in shipping.
I knew Danaos was heavily exposed to Hanjin, so when the news hit that they had officially gone bust, I checked Danaos' stock price. It was like -2%. I thought it must have already been priced in.
By the end of the day, Danaos was -6%. I thought there may have been a delay in realizing the impact, and that was it.
Then, I checked it today, and it's down a further -11%.

I thought this was obvious to everyone and well-known in the industry. Deutsche Bank had even published a report in April saying Danaos was the most heavily exposed to Hanjin out of all other companies.

I wish I had made money on it, I didn't know stock traders were this ill informed about the sector.

Garbage Can Lid
Garbage Can Lid

@CouchChiller
What is your job?

FastChef
FastChef

Hanjin declares bankruptcy, and a cargo ship may not make it to Seattle

US truckers, chassis providers struggle with Hanjin chaos
http://www.joc.com/trucking-logistics/trucking-equipment/flexi-van-leasing/us-truckers-chassis-providers-struggle-hanjin-chaos_20160901.html

Hanjin Ships Get Stranded in High Seas, Roiling Supply Chain
http://www.ttnews.com/articles/basetemplate.aspx?storyid=43049

Bankruptcy of Hanjin, key Port of Seattle customer, worries retailers
http://www.seattletimes.com/business/hanjin-bankruptcy-stalls-global-shipments-of-consumer-goods/

Hanjin bankruptcy disrupts shipping at L.A. and Long Beach ports
http://www.latimes.com/business/la-fi-hanjin-bankruptcy-20160901-snap-story.html

More Hanjin ships seized, as freight rates surge and cargo owners fret
http://www.cnbc.com/2016/08/31/hanjin-shipping-vessel-unable-to-dock-at-south-korea-port-yonhap.html

Hanjin ships effectively seized at China ports, trade body says
http://www.cnbc.com/2016/09/01/about-10-hanjin-ships-effectively-seized-at-china-ports-trade-body-says.html

CodeBuns
CodeBuns

@CouchChiller
They don't know until the news is published. Seriously. It's very awesome because markets are extremely liquid but they're also very slow to react.

BunnyJinx
BunnyJinx

@Evilember
@whereismyname
@Flameblow
how's the business? I'm a management/finance student at
RPI, always liked shipping and logistics. What's your day like?

Crazy_Nice
Crazy_Nice

Hanjin bankruptcy preventing empty containers from moving to Asia from US http://www.joc.com/maritime-news/container-lines/hanjin-shipping/hanjin-bankruptcy-preventing-empty-containers-moving-asia-us_20160901.html

Retailers Seek U.S. Help With Shipping Crisis
Rates soar as Hanjin Shipping’s bankruptcy filing strands goods, causes confusion at ports
http://www.wsj.com/articles/hyundai-ships-take-cargo-delayed-by-rival-hanjins-bankruptcy-protection-filing-1472747412

The Korea International Trade Association said on Thursday that about 10 Hanjin vessels in China have been either seized or were expected to seized by charterers, port authorities or other parties. That adds to one other ship seized in Singapore by a creditor earlier this week.

The cost of shipping a 40-foot container on the Busan-Los Angeles route has jumped about 55 percent, from $1,100 to around $1,700, according to South Korea-based freight forwarder Pantos Logistics. Rates between South Korea and the U.S. east coast via Panama have risen about 50 percent to $2,400, it added.

Lord_Tryzalot
Lord_Tryzalot

As Hanjin Collapses, Creditors Race to Court
http://www.courthousenews.com/2016/09/01/as-hanjin-collapses-creditors-race-to-court.htm
The Wall Street Journal reported that as many of 10 Hanjin ships had been seized in China.
"It's a very serious situation and there is going to a huge impact on global shipping," said Paul Slater, chairman and CEO of First International Corporation and a global financial adviser of the maritime and energy industries.
The bankruptcy has been coming for some months. Creditors have been working since May to restructure the South Korean company's debt, which totaled $5.5 billion in June.

Burnblaze
Burnblaze

All the U.S. West Coast route operated by Hanjin shipping line is completely stopped

As for Hanjin, de facto expulsion of alliance was given notice from CKYHE

Hanjin shipping line is already refused from the following harbors

China: Shanghai, Xiamen,Ningbo
U.S. :Savannah
Spain:Valencia
Singapore
Japan:Yokohama
Germany:Hamburg
Australia:Sydney

TechHater
TechHater

@CouchChiller
@CodeBuns
that's very interesting... imagine being able to automate this.

Flameblow
Flameblow

@TechHater
you mean automate the ships themselves? Ther zero crew container ship has been the wetdream of shippers for atleast 3 decades and they've cut crewsizes in that time from ~50 to around 20, but going down any further just isn't feasible with current technology. Ship engines require constant attention and daily maintenance, without a mate to monitor the refrigerated containers they'll break down, without watchstanders ships would constantly get into collisions.

BlogWobbles
BlogWobbles

@Flameblow
read the posts I quoted...
and regarding your question: I bet they still could automate lots of things, in particular, collision detection/avoidance, a la tesla cars.

Ignoramus
Ignoramus

@BlogWobbles
I'm not so sure about that, a ship is not a car. Ships don't have brakes so when someone is in your way you have to maneuver around them and the turning radius of a panamax (for example) is usually around 1.5 nautical miles, and then you get situations where maneuvering away from one contact puts you in the way of another. You need to move away from another vessel sometimes half an hour before you would collide to safely pass them, it's not so simple as putting a camera on the bow. You can't just run it off the ECDIS because many military and non-commercial vessels don't use AIS, and you can't run it on the radars because false contacts are extremely common.

idontknow
idontknow

Another issue is the crews. Hanjin ships carry crews of 15 to 25 sailors, and with the vessels
unable to call at ports, the sailors could be stranded at sea for weeks or longer.
“They have food and water for a couple of weeks,” said Basil Karatzas of New York-based
Karatzas Marine Advisors & Co. “Beyond that, things may become very difficult
because suppliers will no longer extend credit to Hanjin and everything must be paid in cash.”
http://www.wsj.com/articles/hyundai-ships-take-cargo-delayed-by-rival-hanjins-bankruptcy-protection-filing-1472747412

they have no money it's over and done.

hairygrape
hairygrape

South Korea's maritime ministry said on Wednesday that Hanjin's woes would affect cargo exports for two or three months, with about 540,000 TEU of cargo already loaded on Hanjin vessels and facing delays.

A Hanjin bankruptcy would be the industry's largest ever in terms of capacity, according to consultancy Alphaliner, exceeding the 1986 collapse of United States Lines. The shipper accounts for 7 percent of Far East-North America container trade.

South Korea's ailing shipbuilders and shipping firms, which for decades were engines of its export-driven economy, are in the midst of a wrenching restructuring.

State-run think tank Korea Maritime Institute estimated that shipping rates on Busan to U.S. routes would rise 27 percent and Busan to Europe routes would rise 47 percent in the near term, causing Korean exporters additional shipping costs of about 440.7 billion won per year.

Evilember
Evilember

@cum2soon
2007 South Korea oil spill
The MT Hebei Spirit oil spill
https://en.wikipedia.org/wiki/2007_South_Korea_oil_spill

TechHater
TechHater

@BunnyJinx
I am also interested.

Stupidasole
Stupidasole

The Hanjin shipping line ships can not through the Suez Canal

Egypt closes the canal to Hanjin ships because of their unpaid charge( or Hanjin can not pay money for that)tollhttp://news.zum.com/articles/32831325?cm=popular

w8t4u
w8t4u

The sailors in the hanjin ships have been abandoned by the hanjin company

local branches of hanjin company have been received protest from the local vendors and shipper of all parts of the world

In the Hanjin's local branch in China
Chinese workers demand that Hanjin company pay the unpaid charge and something sanguinary situation occurs
http://www.hankyung.com/news/app/newsview.php?aid=2016090232388&;meun=&nid=realtime

PurpleCharger
PurpleCharger

Hanjin Shipping bankruptcy causes turmoil in global sea freight

Some vessels seized by authorities and creditors, with others refused entry to ports unload after South Korean company loses the support of banks
https://www.theguardian.com/business/2016/sep/02/hanjin-shipping-bankruptcy-causes-turmoil-in-global-sea-freight

U.S. retailers warn of shipping crisis as holiday shopping looms
http://wtvr.com/2016/09/02/u-s-retailers-warn-of-shipping-crisis-as-holiday-shopping-looms/

Hanjin Shipping's bankruptcy filing could ruin the holiday season for retailers
http://www.marketwatch.com/story/hanjin-shippings-bankruptcy-filing-could-ruin-the-holiday-season-for-retailers-2016-09-02

whereismyname
whereismyname

@PurpleCharger
US Firms Take Action Against Hanjin Shipping As Half Its Fleet Gets Blocked
http://fortune.com/2016/09/02/hanjin-shipping-ports-us-firms/

Half of Hanjin container fleet denied port access; U.S. firms take legal action
http://www.reuters.com/article/us-hanjin-shipping-debt-alliance-idUSKCN11801C

Hanjin's Demise: Why Global Shipping Glut Isn't Going Away
http://www.wsj.com/articles/hanjins-demise-why-global-shipping-glut-isnt-going-away-1472811129

Booteefool
Booteefool

@PurpleCharger

Why are the ports turning the ships around? wouldn't they want to get them in so they can get the goods in their possession before they get dumped somewhere else as the company starts selling it off for quick cash or before creditors seize it?

farquit
farquit

@Booteefool
My guess would be they're concerned the tug captains and pilots would refuse to take the ships out of port so they'd wind up stuck there instead of just sitting in an Anchorage somewhere. Having a terminal blocked would be an absolute disaster for the port and they'd probably have to foot the bill to get it out themselves or wait for the coast guard to seize it and who knows how long that could take.

Port terminals are booked to the hour years in advance.

girlDog
girlDog

Hanjin Bulker Arrested in South Africa
http://www.maritime-executive.com/article/hanjin-bulker-arrested-for-alleged-charter-arrears
2016-05-26
South Korea's Chosun Ilbo reports that the Hanjin Shipping-operated bulker Hanjin Paradip has been arrested by a South African court for alleged unpaid charter fees.

Equasis shows Hanjin Shipping Holdings as the Paradip’s beneficial owner, and Hanjin includes her in its list of owned vessels; Hanjin was not immediately available to confirm her ownership status, but a spokesperson told Chosun Ilbo that charter fees on the ship have gone unpaid because "we have yet to receive the money raised by selling ships and equity. We should be able to resolve the problem in negotiations."

Hanjin charters over 90 vessels, including more than 30 bulk carriers, out of a total fleet of about 150.

On Monday, shipowner Seaspan Corporation issued a prospectus warning that Hanjin was behind on more than $11 million in charter payments for three 10,000 TEU container ships. The firm added that Hanjin has asked it for a rate reduction in exchange for equity. It has rejected the request and emphasized that Hanjin and its creditors could not change the rates without Seaspan's consent; a breach of charter parties could allow Seaspan to retake possession of the vessels and recharter them.

Hanjin's bondholders reached an agreement last week to extend the maturity of $30 million in debt for four months, conditional on a reduction in charter rates and participation in a global container alliance (THE Alliance). Competing South Korean line Hyundai Merchant Marine faces identical challenges in securing rate reductions and creditor leniency, and some suggest that the two carriers may survive better as a merged entity – an option that Korean regulators have so far kept off the table. Richard Clayton, Chief Maritime Analyst for IHS Maritime and Trade, recently called this the industry's "most unlikely merger, although the most necessary."

massdebater
massdebater

@girlDog
Hanjin Shipping Vessel Seized in South Africa

A ship operated by cash-strapped Hanjin Shipping has been impounded by the owner due to unpaid charter fees.

Hanjin on Wednesday the bulk vessel was detained in South Africa on Tuesday and talks with the owner are underway.

The vessel is a 82,158 DWT bulker called Hanjin Paradip, which has been used to transport grain and minerals. But the company's severe liquidity shortage has prevented it from paying the charter for months.

The owner asked a South African court to impound the ship.

One shipping industry insider said, "Until Hanjin pays the back fees, there is little chance of the ship being allowed to sail. Other ship owners may also seek to detain or impound ships operated by Hanjin."

Hanjin operates 95 container ships and 56 bulk carriers, 91 of them chartered from foreign owners.

A Hanjin staffer said,
"This happened because we have yet to receive the money raised by selling ships and equity. We should be able to resolve the problem in negotiations."

When Hanjin fell into the hands of its creditors last month, it announced plans to raise W410 billion by selling off assets (US$1=W1,184). But it is still having problems raising money.

It takes time for the paperwork to be completed and the money to arrive in Hanjin’s accounts, and in the meantime the company does not even have enough money for its daily operations.

An industry insider pointed out that Canadian ship owner Seaspan and others have already refused to reduce Hanjin's charter fees,

"so talks with other vessel owners will not be easy."

http://english.chosun.com/site/data/html_dir/2016/05/26/2016052601512.html

massdebater
massdebater

@BlogWobbles
@Ignoramus
Sailor here, I dread the day ships try to automate navigation. Might as well just throw up NUC lights and do whatever the fuck you want.

The standard procedure for clearing up confusion is calling on the radio. Computers cannot handle that, especially when there's equipment casualties and complicated meeting situations.

Garbage Can Lid
Garbage Can Lid

@Burnblaze
Damn, I can see the port of savannah from my studio window and I haven't seen any hanjin ships in a while (just tons and tons of wallenius wilhelmsen lately)

SomethingNew
SomethingNew

Why has oversupply been such a problem in so many different industries recently?

Carnalpleasure
Carnalpleasure

If it makes you guys feel any better the apocalypse is coming soon. Bury your gold! ...You've been buying gold, right?

VisualMaster
VisualMaster

@cum2soon
@Evilember
@CouchChiller
@FastChef
@Crazy_Nice
@Lord_Tryzalot
@hairygrape
@PurpleCharger
@whereismyname
@girlDog
Guys come on, is this board serious or not?

Sticky this shit.

Fuzzy_Logic
Fuzzy_Logic

@cum2soon
Korean Air Faces Fallout From Hanjin Collapse

AUCKLAND—Korean Air’s exposure to troubled sister company Hanjin Shipping is expected to deal a huge hit to the airline’s finances this year. The carrier has forecast up to 383.3 billion won ($343.6 million) in losses related to its Hanjin investments. The giant shipping company entered bankruptcy protection this week, and some analysts say liquidation is a strong possibility. Korean Air and Hanjin Shipping are both part of the same Hanjin conglomerate.

Hanjin Group
Korean Air Co.,LTD (KRX : 003490)
Hanjin Shipping Co.,LTD (KRX : 117930)
Hanjin Transportation Co.,LTD (KRX : 005430)
Korea Airport Service Co.,LTD (KRX : 002320)

http://aviationweek.com/awincommercial/korean-air-faces-fallout-hanjin-collapse

Korean Air
Top 10 cargo airlines
1 United States FedEx Express 16,020
2 United Arab Emirates Emirates SkyCargo 11,240
3 United States UPS Airlines 10,936
4 Hong Kong Cathay Pacific Cargo 9,464
5 South Korea Korean Air Cargo 8,079
6 Germany Lufthansa Cargo 7,054
7 Singapore Singapore Airlines Cargo 6,019

5th Korean Air Cargo 8,079
By freight tonne-kilometres flown (millions)
https://en.wikipedia.org/wiki/Cargo_airline#Top_10_cargo_airlines

Korean Air incidents and accidents
accidents and incidents on Korean Air and its predecessor companies Korean National Airlines and KAL. Korean Air had many fatal accidents between 1970 and 1999, during which time it wrote off 16 aircraft in serious incidents and accidents with the loss of 700 lives.

Korean Air placed 49th in a list of 60 airlines for Airline Safety in 2016
https://en.wikipedia.org/wiki/Korean_Air_incidents_and_accidents

Stupidasole
Stupidasole

@cum2soon
@Fuzzy_Logic
Nut rage incident

The nut rage incident, also referred to as nutgate or nut return (Korean: 땅콩 회항, Ttangkong hoehang), occurred on December 5, 2014, at John F. Kennedy International Airport in New York City, when Korean Air vice president Heather Cho, having been dissatisfied with the way a flight attendant served her nuts on the plane, ordered the aircraft to taxi back to the airport's gate before takeoff.

First-class passengers, including Cho, were given nuts bagged in their original packaging (in conformity with the airline's procedures); Cho had expected them to be served on a plate in first class. Cho questioned the cabin crew chief about the standard procedure of serving the nuts. After a heated confrontation during which Cho assaulted him, Cho ordered him off the plane, requiring a return to the gate and delaying the flight by about 20 minutes. When the incident became public, Cho and Korean Air were heavily criticized, and in the aftermath, Cho resigned from one of her several executive positions at Korean Air. She was subsequently found guilty in Korean court of obstructing aviation safety and given a twelve-month prison sentence. The flight attendant and cabin crew chief returned to their positions by April 2016
https://en.wikipedia.org/wiki/Nut_rage_incident

Spazyfool
Spazyfool

@Stupidasole
English source

Hanjin-chartered vessel unable to get through Suez Canal

Lloyd's List
https://www.lloydslist.com/ll/sector/containers/article535704.ece

Hanjin is $17.9m in arrears to Ciner Ship Management for four chartered vessels

EXECUTIVE limitations posed by Hanjin Shipping's uncertain legal status were behind one of its chartered-in ships being unable to proceed through the Suez Canal on Thursday.

Hanjin Switzerland, owned by the Ciner group, did not pass through the Suez Canal on September 1, Lloyd’s List Intelligence data shows. Having made a U-turn, the ship is currently drifting south of the canal. Its next stop is supposed to be New York.

Ciner Ship Management chief executive Vasileios Papakalodoukas told Lloyd's List that the vessel did not make the voyage through the canal because Hanjin lacks authorisation to spend money on canal fees. The line needs permission from the court to spend any funds it has, he said.

In addition, without the court protection from South Korea the vessel could be seized at any port it docks at, Mr Papakalodoukas said. To protect its vessels, Hanjin is expected to file for court protection in other jurisdictions, such as the US.

“The most important problem is for the ships to unload the cargo. The question is whether they have enough money to do that,” he said.

Dreamworx
Dreamworx

@Spazyfool
Hanjin's request for court receivership was approved on September 2,with Hanjin president and chief executive Seok Tae-Soo appointed as the receiver. Hanjin will have to submit a financial status report on September 28 and a rehabilitation plan on November 25 that will determine whether it survives.

Mr Papakalodoukas noted that two weeks’ time should be enough to give vessel owners a clear understanding of where the company is headed and thus what lies ahead for their vessels.
“The next two weeks will show if Hanjin has enough cash to operate the existing fleet and discharge the cargo, or if it will keep the vessels idle,” he said.

Apart from Hanjin Switzerland, Hanjin has three Ciner vessels chartered in, Hanjin Croatia, Hanjin Czech and Hanjin Hungary. The three other vessels were in open sea when Hanjin filed for court receivership, and were ordered to proceed to their scheduled destination at a reduced speed, according to Mr Papakalodoukas.

Hanjin is due to pay September's charter fees by September 10. Should it fail to make that payment, Hanjin will be four months in arrears, said Mr Papakalodoukas. Ciner's four vessels have remaining average charter durations of seven and a half years.

Market sources report that each of the Ciner vessels is chartered at around $37,500 per day, putting Hanjin's charter arrears at around $17.9m. Based on the reported charter rate and the seven and half year average of future chartered contracts, Ciner has an exposure of over $410m to Hanjin Shipping.

happy_sad
happy_sad

@cum2soon
Retailers scramble as shipper bankruptcy puts goods in limbo
http://www.sfgate.com/news/world/article/Hanjin-bankruptcy-causes-global-shipping-chaos-9198888.php

"Retailers always have robust contingency plans, but this degree of uncertainty is making it challenging to put those plans in place," said Jessica Dankert, senior director of retail operations for the Retail Industry Leaders Association, a trade alliance with members including companies like Best Buy, Wal-Mart and Target.

Target Corp. said it is watching the situation closely and Wal-Mart said it is waiting for details about Hanjin's bankruptcy proceedings and the implications to its merchandise before it could assess the effect.

As of Friday, 27 ships had been refused entry to ports or terminals, said Hanjin Shipping spokesman Park Min. The Seoul-based company said one ship in Singapore had been seized by the ship's owner.

"Hanjin called us and said: 'We're going bankrupt and we can't pay any bills — so don't bother asking,' " said J. Kip Louttit, executive director of the Marine Exchange of Southern California, which provides traffic control for the ports of Los Angeles and Long Beach.

"Hanjin called us and said: 'We're going bankrupt and we can't pay any bills — so don't bother asking,' "

@Lord_Tryzalot
As Hanjin Collapses, Creditors Race to Court

@idontknow
because suppliers will no longer extend credit to Hanjin and everything must be paid in cash.”

Hanjin has no credit.

hairygrape
hairygrape

@Burnblaze
Canada:Prince Rupert port

Hanjin ship stuck in receivership limbo at Prince Rupert port will be unloaded
On Friday, The Associated Press reported that Hanjin had 540,000 containers on ships that were in limbo and facing delayed delivery, according to a statement from the South Korea maritime ministry.
http://vancouversun.com/business/local-business/hanjin-ship-stuck-in-receivership-limbo-at-prince-rupert-port-will-be-unloaded

BinaryMan
BinaryMan

@cum2soon
Samsung recalls millions of Galaxy Note 7 phones after reports of exploding batteries
http://www.telegraph.co.uk/technology/2016/09/02/samsung-note-7-recall-millions-of-phones-to-be-replaced-after-ba/
Samsung has issued a global recall of its new Galaxy Note 7 phone, affecting millions of devices, after a fault with the phone's battery caused it to explode.

Samsung to Recall 2.5 Million Galaxy Note 7 Smartphone Over Reports of Fires
Wall Street Journal
http://www.wsj.com/articles/samsung-to-recall-galaxy-note-7-smartphone-1472805076

Samsung Galaxy Note 7 catches fire: South Korean company delays worldwide shipment to investigate reports of faulty batteries
http://www.ibtimes.com.au/samsung-galaxy-note-7-catches-fire-south-korean-company-delays-worldwide-shipment-investigate

Samsung Galaxy Note 7 Recall: South Korea Giant Already In Talks With Verizon, U.S. Business Partners Amid Exploding Battery Reports
http://www.ibtimes.com/samsung-galaxy-note-7-recall-south-korea-giant-already-talks-verizon-us-business-2410499

PackManBrainlure
PackManBrainlure

@cum2soon
@Stupidasole
Nut rage incident
@Evilember
Hebei Spirit

Korean Common Sense Lost In Translation – Hebei Spirit
http://maritimeaccident.org/tags/hebei-spirit/

Something got lost in translating English ‘fair treatment of seafarers’ into Korean, in which language it apparently means “use any excuse to lock ’em up” or prehaps the South Korean courts were taking advice from their Stalinist siblings to the north on how to run a show trial. “Technically flawed” was the phrase used by the defense lawyers for Captain Jasprit Chawla and Chief Officer Shyam Chetan of the tanker Hebei Spirit, holed while at anchor by an errant barge. “Judicial incompetence” is another phrase that comes to mind: Those asked to adjudicate the case had neither the knowledge nor experience to pass judgement upon it.

Hebei Spirit was at anchor on 7th December when a barge carrying a crane came loose from its towing cable and slammed into the Hebei Spirit, holing it and causing leaks from its cargo tanks. An earlier, and more competent, court, found the officers of the Hebei Spirit innocent of fault.

That wasn’t the result the Korean government wanted so it detained Captain Chawla and Chief Officer Chetan until it could find a course more amenable to locking up innocent men. It found that court, and disgraced Korea.

To put in other terms, it is as if you had put your car in a parking lot, switched off the engine, and a passing car lost control and hit yours, causing you car’s gas tank to leak. Your fault? Of course not. It was your fault, according to the Korean judicial system.

According to the court, tankers are like motor cars. One just turns a key and the full power of the engine is instantly available for you to reverse out of trouble. Captain Chawla or Chief Officer Shyman simply had to immediately go full stern when they saw the barge coming – without actually knowing what was going on. They had to do that from a standing start.

Snarelure
Snarelure

@PackManBrainlure
Nobody, it seems, explained to their honors that damn great oil tankers don’t drive like Kia Prides.

Then Captin Chawla, in the court’s opinion, should not have concerned himself with ensuring that a highly inflammable cargo did not catch fire and the vessel and the crew be lost, causing even greater pollution, the loss of lives and the loss of the ship. He should not have inerted the tanks, which was, by any measure of common sense, the right thing to do.

Korea’s government, evidentally devoid of common sense, complained that a critical article in Lloyd’s List, which pointed out Korea’s obligations towards seafarers and the appalling and unjustice court decision “disgraced Korea”.

No, Korea disgraced itself, it dishonoured itself It put a court in judgement of issues with which it was not competent to deal and put pressure on that court to imprison innocent people.

If one acts disgracefully, as Korea has in this case, one has no excuse for complaining about being disgraced.

Burnblaze
Burnblaze

@PackManBrainlure
@Snarelure
V-Ship’s comment on the imprisonment bears repeating:

Today’s decision by the Korean Appeal Court to find guilty the Master and Chief Officer of the ‘Hebei Spirit’, an anchored VLCC which was struck by a Samsung Crane Barge, will surely go down as one of the most disgraceful examples of a miscarriage of justice in a ‘supposedly’ advanced nation state. For Capt Chawla and Chief Officer Chetan to be sentenced to prison terms and lead from the court in handcuffs is a disgrace and insult to the whole shipping industry.

It is hardly surprising that the Indian seafarers’ unions are up in arms. No wonder the ITF and its international membership are questioning whether it is safe for its members to travel on ships to Korea. No wonder carriers are considering future calls at Korean Ports. Certainly ship owners will be reviewing their future shipbuilding orders in Korean yards.

Having found the ‘Hebei Spirit’ officers innocent of all charges at a court hearing on June 24 this year, it appeared to be an extraordinary decision made by the Korean prosecutor to go for appeal on such an open and shut case.

To then follow this decision by failing to allow the ‘Hebei Spirit’ officers to return home to their loved ones after 6 months held in Korea, was to compound the gross injustice that had been done and was despite assurances from V.Ships that the officers would return for any future hearings. The two officers have now been held in Korea, without the right to leave the country, for one year

As far as the appeal case itself is concerned, the reliance placed upon the Korean Maritime Safety Tribunal (KMST ) findings and conclusions, has resulted in technically flawed, unreliable and unjust evidence being submitted to the Daejeon District Court, the Court of Appeal, which returned its decision today.

Emberfire
Emberfire

@Snarelure
@Burnblaze
In submitting their report, the KMST has demonstrated both its incompetence and an obvious desire to find fault with the officers of the Hebei Spirit. It is also a matter of fact that in compiling their report, the KMST has not complied with the IMO guidelines for consultation with other parties.

This blatant and totally unjustifiable case of criminalisation of a profession that we all rely upon for our international trade must not go unanswered by the international community and all those in the shipping industry.

We can only hope that the Authorities in Korea will take immediate steps to restore the country’s now tarnished image as a place where all who deal there can expect justice and respect of human rights.

The question raised by the V-Ships response to the Korean iniquity is whether the industry really does have the guts to respond appropriately, or to respond at all. It is not an industry noted for intestinal fortitude.

South Korea’s defence of its dishonourable behaviour, as published in Lloyd’s List, sadly makes it clear that its own arrogance will deny it the decency to put things right.

Occasionally there is talk of the reunification of North and South Korea. No reunification is required, South Korea has already adopted North Korea’s approach to human rights. It has little left to do but to change its name.

Kim Jong Il will be proud of them.

ZeroReborn
ZeroReborn

@Flameblow
@Ignoramus
He's talking about automating the trading of shipping companies stock.

idontknow
idontknow

@BinaryMan
Samsung

Consumers urged to check washing machines after fire in Sydney's west
http://www.9news.com.au/national/2016/08/14/13/20/consumers-urged-to-check-washing-machines-after-fire-in-sydneys-west

Washing machine fire puts two in hospital
http://www.dailytelegraph.com.au/news/nsw/washing-machine-fire-hospitalises-two-with-smoke-inhalation/news-story/c75f5e29414ccebe45734649277f1adb

Consumers urged to check Samsung washing machines following another fire
http://www.baka.com.au/nsw/95yearold-woman-rescued-from-samsung-washing-machine-fire-in-auburn-20160813-gqrvzd.html

Fried_Sushi
Fried_Sushi

@cum2soon
@Fuzzy_Logic
Korean Air Faces Fallout From Hanjin Collapse
@Stupidasole
Nut rage incident

Korean Air Lines shares suffer biggest loss in two years

Korean Air Lines stock dropped the most in two years in Seoul trading on concerns the company may provide further funds to its affiliate Hanjin Shipping. Korea’s biggest carrier fell 11.33 percent to close at 34,050 won ($32.09), the largest drop since September 2011.

Korean Air said on Wednesday it will provide 150 billion won to Hanjin Shipping to help ease the company’s “temporary” liquidity shortage. Excess shipping capacity and a slump in freight rates have caused shipping companies including Hyundai Merchant Marine and STX Pan Ocean to lose money in the first half of the year. The announcement came after Korean Air last week posted a loss in the first nine months due to weak Japan travel demand.

“While it’s not a lot of money, the airline industry isn’t doing all that well,” said Um Kyung-a, an analyst at Shinyoung Securities. “Korean Air also has a lot of debt coming due next year.”

Korean Air is the biggest shareholder of Hanjin Shipping Holdings, the holding company that owns the largest stake in Hanjin Shipping. Both are members of Hanjin Group.

Hanjin Shipping is considering raising 300 billion won through share sale and loans, Korea Economic Daily reported, citing a company official it didn’t identify. The company is considering a share sale and loans, said Sonya Cho, Hanjin Shipping spokeswoman. Details haven’t been finalized, she said.

The company has about 745.1 billion won in bonds and loans maturing next year, compared with 47.7 billion won in 2013, according to data. Hanjin Shipping may post a loss in the third quarter, typically the best period for shipping companies, Daishin Securities said in a Sept. 30 report. Bloomberg

http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=2979755&ref=mobile

Booteefool
Booteefool

@cum2soon
Korean Air said on Wednesday it will provide 150 billion won to Hanjin Shipping to help ease the company’s “temporary” liquidity shortage.

Excess shipping capacity and a slump in freight rates have caused shipping companies including Hyundai Merchant Marine and STX Pan Ocean to lose money in the first half of the year.

Hyundai Merchant Marine and STX Pan Ocean

Korean Air is the biggest shareholder of Hanjin Shipping Holdings, the holding company that owns the largest stake in Hanjin Shipping. Both are members of Hanjin Group.

Hanjin Shipping is considering raising 300 billion won through share sale and loans, Korea Economic Daily reported, citing a company official it didn’t identify. The company is considering a share sale and loans, said Sonya Cho, Hanjin Shipping spokeswoman. Details haven’t been finalized, she said.

Details haven’t been finalized, she said.

Hanjin Shipping may post a loss in the third quarter, typically the best period for shipping companies, Daishin Securities said in a Sept. 30 report. Bloomberg

Soft_member
Soft_member

@Fried_Sushi
@Booteefool
Article in 2013 from S.Korea and bloomberg source

farquit
farquit

@cum2soon
KAL, Asiana raise cash on asset-based notes
Dec 07,2013

http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=2981660

Korean Air Lines and Asiana Airlines are favoring notes backed by ticket sales as soaring debt levels boost the cost of traditional fund-raising.

Korean Air, the national carrier whose senior unsecured credit rating was cut to A- by Korea Ratings Corp. in November, is marketing 40 billion yen ($393 million) of floating-rate notes secured by ticket receivables in Japan. Asiana, operator of the Boeing 777 jet that crashed in San Francisco earlier this year, has raised 900 billion won ($851 million) via similar asset-backed notes since Dec. 31. Korean airlines’ debt ratios have worsened as they’ve borrowed to buy more planes, modernize their existing fleets and roll out international advertising campaigns. The seat-sale securities allow access to cheaper funding because state-owned Korea Development Bank provides unconditional credit facilities which would cover any shortfall in the revenue needed to make payments on the bonds.

“It’s a different source of funding these companies can try,” said Elaine Ng, a Hong Kong-based senior analyst at Moody’s Investors Service. “Since they have all these receivables coming in, and since these kinds of asset-backed transactions have been accepted by the market, this is a good alternative financing solution.”

Moody’s has assigned a provisional Aa3 rating to Korean Air’s planned yen bonds, its fourth-highest investment-grade. That matches Korea Development Bank’s own ranking from the ratings company.

http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=2981660

happy_sad
happy_sad

@farquit
“The rating on the notes is primarily based on the credit facility and the interest-rate swap to be provided by KDB,” Moody’s said. The yen-denominated ticket receivables are generated from the sale of passenger tickets on the routes Korean Air flies from Japan, according to Moody’s.

Arrivals into Korea from Japan have dropped every month since August 2012, according to data from the Korea Tourism Organization. Some 30,000 people visited Korea from Japan over the past 12 months, and a return ticket costs about 773,300 won.

Korean Air’s debt-to-equity ratio was 749.7 percent as of Sept. 30, up from 691 percent on Dec. 31, according to the company’s financial filings. Asiana had a 619.4 percent ratio as of Sept. 30 versus 505.7 percent at the end of last year. Korean Air, which according to regulatory filings reported an operating loss of 37.38 billion won for the January to September period, in October agreed to buy $3.7 billion of aircraft from Boeing to upgrade its fleet. It faces 1.44 trillion won of maturing bonds and loans next year, according to data compiled by Bloomberg, and sold 210 billion won of hybrid securities in June to lower its debt ratio. Its 30 billion won of three-year ABS notes sold in April pay a coupon of 3.09 percent versus an average 3.27 percent for similar-maturity non-ABS notes.

5mileys
5mileys

@farquit
@happy_sad
“KAL has been aggressively trying to buy new aircraft in order to modernize its fleet since 2010, adding a burden to its debt ratio,” said Kim Min-ji, analyst at ETrade Korea. “For accounting purposes, the company mainly opts for financing leases when buying planes. This has made its debt ratio higher.”

Asiana Airlines’ operating profit fell 93.6 percent to 12.4 billion won for the January to September period. Asiana’s senior unsecured debt is rated BBB+ by Korea Ratings, an affiliate of Fitch Ratings.

Passenger traffic at Seoul’s Incheon Airport rose 6.9 percent in the first 10 months of the year versus the same period of 2012 while cargo traffic fell 0.4 percent, data from Incheon International Airport show.

“International demand at all Korean airports has been growing rapidly despite the global economic slowdown,” said Yun Hee-do, an analyst at Korea Investment and Securities. “However Korean Air’s earnings failed to meet expectations because it’s the low-cost carriers driving growth.”

Bloomberg

Techpill
Techpill

@farquit
Korean Air Lines shares suffer biggest loss in two years
Nov 01,2013

“While it’s not a lot of money, the airline industry isn’t doing all that well,” said Um Kyung-a, an analyst at Shinyoung Securities. “Korean Air also has a lot of debt coming due next year.”

@Fried_Sushi
KAL, Asiana raise cash on asset-based notes
Dec 07,2013

Korean Air’s debt-to-equity ratio was 749.7 percent as of Sept. 30, up from 691 percent on Dec. 31, according to the company’s financial filings

related news
Korean Air Selling S-Oil Stake, Planes for 3.5 Trillion Won
December 2013

http://www.bloomberg.com/news/articles/2013-12-19/korean-air-to-sell-s-oil-stake-planes-to-raise-3-5-trillion-won

S-Oil, the nation’s third-biggest refiner, is 35 percent owned by Saudi Arabian Oil Co., known as Saudi Aramco, according to data compiled by Bloomberg. Korean Air’s unit Hanjin Energy Co. is the second-biggest shareholder in the company with a 28 percent stake, the data show.

Korean Air is in talks with Saudi Aramco to sell its stake back to the company after Korean Air-led group purchased the stake in 2007, according to e-mail reply to Bloomberg questions today. MoneyToday Internet newspaper earlier reported the plan.

Emberburn
Emberburn

@cum2soon
@Fried_Sushi
@farquit
@Techpill
Related news
Korean Air plans disposals to cut debts
December 2013
http://www.ft.com/cms/s/0/9d68fd20-68b6-11e3-bb3e-00144feabdc0.html#axzz4JFZHaGYs

CouchChiller
CouchChiller

US expresses concern over court decision allowing rally near embassy
The U.S. Embassy in Seoul has expressed concern over a court's ruling that allows protests near its diplomatic mission, saying it could pose a threat to the safety and security of its facilities and personnel

http://english.yonhapnews.co.kr/national/2016/09/02/0302000000AEN20160902004400315.html

viagrandad
viagrandad

Haven't these boys been let out already? I thought I heard they were back on India?

BlogWobbles
BlogWobbles

@cum2soon
@Lord_Tryzalot
Hanjin Shipping targeted in US lawsuit

First US litigation after receivership filing seeks to seize assets in California over unpaid charter hire.

Idan Ofer’s Eastern Pacific Shipping has taken the first legal swipe at Hanjin Shipping in the US since the South Korean operator filed for receivership

http://www.tradewindsnews.com/legal/775759/hanjin-shipping-targeted-in-us-lawsuit

Skullbone
Skullbone

hanjin takes legal steps to prevent ship seizures as more vessels blocked
SEOUL (Reuters) – South Korea’s Hanjin Shipping plans to take legal action in jurisdictions worldwide to prevent its vessels being seized, as more of its ships were blocked from docking at ports in the wake of its collapse.

As of Monday, 79 Hanjin ships including 61 container ships and 18 bulk carriers have been denied port access, according to South Korea’s maritime ministry. That figure includes one vessel seized in Singapore by a creditor, a company spokeswoman said. Hanjin has 141 ships, of which 128 are operating.

At least three U.S. firms have also launched legal action against Hanjin to seize vessels and other assets over unpaid bills.
http://atimes.com/2016/09/g20-chinas-xi-says-world-economy-at-risk-warns-against-protectionism/

Hanjin Shipping shares dive 30 percent in resumed trade
http://finance.yahoo.com/news/hanjin-shipping-shares-dive-30-002411866.html

Evilember
Evilember

Hanjin’s 53 Vessels Denied Port Access
According to Hanjin Shipping on September 3, the company’s 53 vessels – 48 container ships and 5 bulk carriers – were stranded indefinitely or blocked from ports at home and abroad. One vessel was seized by the ship owner.

Currently, Hanjin Shipping’s 47 containers ships and three bulk carriers are denied access to ports in Sri Lanka and Vietnam, following the U.S., China, Japan and Spain, while two other bulk carriers are stranded on the East Sea and the Mediterranean.
These include instances where lashing firms have refused service due to unpaid bills, or where port authorities have refused to enter or leave the port. Hanjin Shipping has failed to purchase oil in some areas due to a shortage of cash.

In addition, a container ship called Hanjin Rome was seized at a port in Singapore at the request of the ship owner. Hanjin’s vessel was unable to proceed through the Suez Canal in Egypt because it couldn’t afford to pay US$70,000 for navigation. Its seven container ships are also denied access to terminals and ports at South Korea’s main ports of Busan and Incheon.

Accordingly, concerns that Hanjin Shipping is likely to face a series of lawsuits worth US$14 billion (15.6 trillion won) from its customers around the world are spreading. Korea Shipowner’s Association said that 410,000 TEUs out of 1.2 million cargos operated by Hanjin Shipping were already shipped. A total of 8,281 shippers placed orders which are worth US$14 billion (15.6 trillion won).

In order to prevent the ship seizure, Hanjin Shipping is filing the stay order in the court of major countries, which will bar Hanjin's creditors from enforcing compulsory measures, starting in the U.S. This is to ask foreign courts to accept the comprehensive prohibition order decided by the Korean court.
http://www.businesskorea.co.kr/english/news/industry/15753-huge-aftermaths-hanjin%E2%80%99s-53-vessels-denied-port-access

CouchChiller
CouchChiller

Hanjin Shipping Is Trying to Stop Its Ships From Being Seized
http://fortune.com/2016/09/05/hanjin-shipping-ships/

Hanjin Shipping Will Seek Asset Stay Orders in 43 Countries

South Korea’s financial regulator said Hanjin Shipping Co. will seek stay orders in 43 countries to protect its vessels from being seized, after its court receivership filing last week roiled companies’ supply chain before the year-end shopping season.
http://www.bloomberg.com/news/articles/2016-09-05/hanjin-shipping-shares-plunge-as-court-accepts-receivership-plan

Hanjin is planning legal action in about 10 countries this week, South Korea’s regulator said.

South Korea’s Hanjin Shipping plans to take legal action in jurisdictions worldwide to prevent its vessels being seized, as more of its ships were blocked from docking at ports in the wake of its collapse.

As of Monday, 79 Hanjin ships including 61 container ships and 18 bulk carriers have been denied port access, according to South Korea’s maritime ministry. That figure includes one vessel seized in Singapore by a creditor, a company spokeswoman said. Hanjin has 141 ships, of which 128 are operating.

At least three U.S. firms have also launched legal action against Hanjin to seize vessels and other assets over unpaid bills.

Last week's collapse of the world's seventh-largest container shipper has caused deep anxiety among its clients over the fate of stranded cargo, and pushed up cargo rates. Whether Hanjin can fend off ship seizures will depend on the jurisdictions involved, lawyers said.

PurpleCharger
PurpleCharger

Hanjin scrambles to prevent ship seizures as more vessels blocked

Drewry Maritime Research said in a note on Monday it was difficult to see how Hanjin can survive as customers look for alternative carriers. "It's unlikely any would entrust their cargoes to Hanjin again," it said.
http://www.reuters.com/article/hanjin-shipping-debt-idUSL3N1BH033

"It's unlikely any would entrust their cargoes to Hanjin again,"

Stark_Naked
Stark_Naked

Danaos reveals $560m exposure to Hanjin

http://splash247.com/danaos-reveals-560m-exposure-hanjin/

Research by Deutsche Bank, published in April, revealed that Danaos is the shipowner with the greatest exposure to Hanjin.

“We are disappointed that the Korean Development Bank has failed to support an important participant in the global containership business,” Dr. John Coustas, CEO of Danaos, said in a statement.

“Danaos actively supported Hanjin in its efforts to restructure its operations and we are hopeful that Hanjin will be able to achieve a restructuring of its business and emerge from court receivership as a financially stronger company. We will closely monitor the process and seek to preserve the value of our assets for the benefit of our shareholders.”

Garbage Can Lid
Garbage Can Lid

South Korea's August foreign reserves rise to record high

South Korea's foreign exchange reserves in August hit a record high of US$375.46 billion from US$371.38 billion in July, central bank data showed on Monday.
http://www.businesstimes.com.sg/government-economy/south-koreas-august-foreign-reserves-rise-to-record-high
Seoul: Stocks end at more than 1-year high, won jumps
http://www.businesstimes.com.sg/stocks/seoul-stocks-end-at-more-than-1-year-high-won-jumps

Boy_vs_Girl
Boy_vs_Girl

@happy_sad
"Hanjin called us and said: 'We're going bankrupt and we can't pay any bills — so don't bother asking,' "

Hanjin Captains Ordered To Slow Steam Or Drift To Avoid Arrest

http://gcaptain.com/hanjin-captains-ordered-slow-steam-drift-avoid-arrest/

RumChicken
RumChicken

@SomethingNew
Good question
Demand slack?

Poker_Star
Poker_Star

Korean government mulls expanding Hyundai Merchant Marine’s ports of call
Hyundai Merchant Marine’s
http://pulsenews.co.kr/view.php?sc=30800018&year=2016&no=629173

Hyundai Merchant Marine in talks with Samsung, LG to ship their cargo
Samsung, LG
http://in.reuters.com/article/hanjin-shipping-debt-samsung-lg-elec-idINKCN11B05I

Hanjin Group to Provide 100 Billion Won for Shipping Line
http://www.bloomberg.com/news/articles/2016-09-06/hanjin-group-to-provide-100-billion-won-in-aid-to-shipping-line
With ships stranded, Hanjin seeks stay orders and bankruptcy protection

Operation of 61 containerships and 18 bulk carriers out of 128 ships in service has been disrupted since Hanjin Shipping sought court receivership after its creditors dumped the shipper and refused any further funding.
http://www.crcconnection.com/2016/09/06/with-ships-stranded-hanjin-seeks-stay-orders-and-bankruptcy.html
Hanjin Shipping
dumping

Whirlpool Accuses LG and Samsung of Dumping Washers
http://www.wsj.com/articles/whirlpool-accuses-lg-and-samsung-of-dumping-1450278246
LG and Samsung of Dumping

US washing machine firm seeks anti-dumping action against LG, Samsung
http://www.therakyatpost.com/business/2015/12/17/us-washing-machine-firm-seeks-anti-dumping-action-against-lg-samsung/

U.S. Government Again Finds That Samsung and LG Dumped Washers Into the United States
http://www.prnewswire.com/news-releases/us-government-again-finds-that-samsung-and-lg-dumped-washers-into-the-united-states-300301638.html

@idontknow
Consumers urged to check Samsung washing machines following another fire

U.S. to Charge Duties on Some Samsung, LG Washing Machines Built in China

Competitor Whirlpool had petitioned the Commerce Department for investigation into possible dumping
http://www.wsj.com/articles/u-s-to-charge-duties-on-some-samsung-lg-washing-machines-built-in-china-1469053917

Snarelure
Snarelure

@Poker_Star

@Evilember
The MT Hebei Spirit oil spill https://en.wikipedia.org/wiki/2007_South_Korea_oil_spill

@Burnblaze
Samsung Crane Barge

Today’s decision by the Korean Appeal Court to find guilty the Master and Chief Officer of the ‘Hebei Spirit’, an anchored VLCC which was struck by a Samsung Crane Barge

Evil_kitten
Evil_kitten

Need I be concerned about and further involved with how my freight forwarder gets my stuff delivered from Worst Korea to the US East Coast, or does life go on and I just have to pay higher costs like everyone else at this moment?

cum2soon
cum2soon

Seoul to make stronger push in restructuring of shippers, shipbuilders
http://www.koreatimes.co.kr/www/news/biz/2016/04/127_203410.html

@Poker_Star
Hyundai Merchant Marine (HMM)
Hanjin takes major step forward in its restructuring
“KDB will actively support HMM’s financial normalization measures to bring down the debt-to-equity ratio to 200 percent, which may help it gain a second chance later in the year to join an alliance with an enhanced financial statement,” the state-run creditor wrote in a statement Friday.

HMM, with a debt-to-equity ratio exceeding 1,500 percent last year, aims to shave the ratio to below 400 percent by the end of May to get additional government funding.

It will do so by lowering vessel rental fees via negotiations with European owners, and by its creditors converting bad corporate bonds worth 1.02 trillion won ($870 million) into equity.

HMM, with a debt-to-equity ratio exceeding 1,500 percent last year

w8t4u
w8t4u

@cum2soon
Hanjin takes major step forward in its restructuring May 14,2016
http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3018698

The restructuring of the troubled shipbuilding and shipping industries took a step forward, as Hanjin Shipping joined a global shippers’ alliance, a key element of the self-rescue plan approved by the company’s creditors.

Meanwhile, the central bank governor hinted at the possibility of financing the restructuring by buying contingent convertibles known as CoCo bonds.

PackManBrainlure
PackManBrainlure

Hanjin: Owners to provide $US90m to embattled shipper as South Korea tapped for money
The owners of Hanjin Shipping will provide 100 billion won ($US90 million) to contain disruptions to the global supply chain after the shipping carrier went into receivership, financial news service Bloomberg has reported.

Hanjin is the seventh biggest shipping company in the world and went into receivership late last week after its creditors rejected a restructuring plan. It has filed for bankruptcy protection.

The South Korean Government has also been asked to offer around 100 billion won of loans at low interest rates if Hanjin provides collateral, Bloomberg reported.

"The 100 billion won funding, if it comes to pass, is not nearly enough to save Hanjin Shipping at all," an official at a creditor bank, who declined to be identified, told Reuters.

"It will most likely be used to pay fees to unload stranded cargo going forward."

The fallout has held up cargo deliveries around the world as ports have blocked access to Hanjin's ships, including in Shanghai, Sydney, and Hamburg, according to the Korea International Trade Association.

"Considering its large presence in global trade, many have been worried that its bankruptcy would deal a big blow to Korean exporters by delaying deliveries of exporters' goods and payments," said KITA in a statement on its website.

CouchChiller
CouchChiller

@PackManBrainlure
"If Hanjin ships with cargo fail to dock at ports, exporters could also have to bear additional expenses on extra loading and offloading of goods as well as on finding other vessels for shipping their goods to the final destinations."

For example, Samsung Electronics exports 40 per cent of its home appliance products to the United States and Canada through Hanjin.

In April, the World Trade Organisation said growth in the volume of world trade is expected to remain sluggish in 2016, at 2.8 per cent.

Analysts say Hanjin's crisis was caused by a misreading of the global economy and high stakes bets gone wrong.

According to Reuters, Hanjin Shipping had a debt of 5.6 trillion won at the end of 2015, and at least three US companies have launched legal action against the shipping giant to seize vessels and other assets over unpaid bills.

Hajin Shipping plans to take legal action in jurisdictions worldwide to prevent its vessels being seized. Its vessels currently carry cargo worth 16 trillion won ($14.5 billion).

On the Seoul Stock Exchange shares in Hanjin jumped 29.4 per cent to 1,385 won having fallen by the maximum 30 per cent yesterday.
http://www.abc.net.au/news/2016-09-06/hanjin-loans-south-korea-government/7819494

Hajin Shipping plans to take legal action in jurisdictions worldwide to prevent its vessels being seized. Its vessels currently carry cargo worth 16 trillion won ($14.5 billion).

@CouchChiller
Hanjin vessels are currently carrying cargo worth 16 trillion won ($14.5 billion) belonging to some 8,300 cargo owners
http://fortune.com/2016/09/05/hanjin-shipping-ships/

some 8,300 cargo owners and 16 trillion won ($14.5 billion)

The bill of the compensation by for damages grows big day by day

DeathDog
DeathDog

@Flameblow
You're at DB Schenker in seattle? i work for a brokerage in WA

cum2soon
cum2soon

@cum2soon
Hyundai Motor's South Korean union approves strike action
http://www.reuters.com/article/us-hyundai-motor-strike-idUSKCN0ZT2L1

South Korean Shipyard Workers Prepare to Strike
http://www.maritime-executive.com/article/south-korean-shipyard-workers-prepare-to-strike

South Korean Shipyard Workers to Go on Joint Strike
http://worldmaritimenews.com/archives/197358/south-korean-shipyard-workers-to-go-on-joint-strike/

U.S. to slap heavy anti-dumping duties on S. Korean steel imports
http://english.yonhapnews.co.kr/business/2016/07/21/95/0501000000AEN20160721011500320F.html

U.S. Steel Leads Rally as Investors Cheer Anti-Dumping Measures
In a decision announced after the close of regular trading Wednesday, the U.S. Department of Commerce found a higher level of dumping from some South Korean exporters of corrosion-resistant steel, raising the level of potential tariffs to as much as 48 percent from a preliminary cap of 3.5 percent. Chinese producers may now face anti-dumping duties of 210 percent, compared with a preliminary finding of 256 percent in December.
http://www.bloomberg.com/news/articles/2016-05-26/u-s-raises-potential-tariffs-on-south-korean-steel-imports

India steel: Anti-dumping duty slapped on imports from China and others
http://asia.nikkei.com/Politics-Economy/Policy-Politics/Anti-dumping-duty-slapped-on-imports-from-China-others

India latest to slap anti-dumping duties on South Korean products
http://pulsenews.co.kr/view.php?no=570144&year=2016
Vietnam to impose anti-dumping tariffs on Chinese, Korean steel
http://english.thesaigontimes.vn/49537/Vietnam-to-impose-anti-dumping-tariffs-on-Chinese-Korean-steel.html

HCMC - Vietnam will impose temporary anti-dumping duties on 35 types of galvanized steel imported from China, Hong Kong and South Korea between September 16 and January 13 next year as decided by the Ministry of Industry and Trade.

Emberfire
Emberfire

@cum2soon
Hyundai Merchant Marine (HMM)

Concerns rising that Hyundai Merchant Marine may be another financial black hole

With global shipping industry in slump, company’s operating deficits pose dilemma for gov’t, creditors

http://english.hani.co.kr/arti/english_edition/e_business/760226.html

With Hanjin Shipping’s financial difficulties landing it in corporate rehabilitation (court receivership), Hyundai Merchant Marine posted an operating deficit of more than 400 billion won (US$361.93 million) in the first half of the year, and the company is expected to post a massive operating deficit in excess of 1.5 trillion won (US$1.36 billion) over this year and the next.
Hyundai Merchant Marine has so far barely managed to stay afloat thanks to a debt-for-equity swap by its creditors. If it fails to find a way to navigate the downturn in the shipping market on its own steam, it will ultimately have to ask its creditors for another huge round of assistance. This is leading to growing concerns that Hyundai Merchant Marine is becoming another version of Daewoo Shipbuilding and Marine Engineering, with good money being thrown after bad.
Hyundai Merchant Marine’s business report for the first half of the 2016 financial year, released on Sept. 4, shows a net loss of 90.3 billion won (US$81.7 million; on an individual basis) from January to June. This was just half of the 175.7 billion won (US$158.9 million) in losses posted in the first half of 2015.
But the company’s operating deficit was 429.7 billion won (US$388.5 million), more than five times higher than last year’s deficit of 83.3 billion won (US$75.3 million). The company managed to report a deceptively low net loss for the term by papering over the operating deficit with nearly 500 billion won (US$452 million) brought in by selling off equity in Hyundai Securities.

Firespawn
Firespawn

@Emberfire
If current trends persist, say insiders at Hyundai Merchant Marine, the company’s total operating deficit for the year will reach 700 or 800 billion won (US$633 million or 723 million). “Since they don’t have any other assets worth selling off, they’ll have no choice but to write off their huge operating deficit as a net loss for the term,” said a source who is familiar with affairs at the company.
Even more serious is the fact that there are no signs of recovery in the global shipping industry, which means it is unlikely that the company’s performance will improve next year, either. “Chances are low that the shipping industry will be any better next year than this year, which means that it’s likely that next year’s operating deficit will be even higher than this year’s,” said a source at Hyundai Merchant Marine.
In the end, operating losses at the company between this year and the next are expected to top 1.5 trillion won (US$1.36 billion).
Since Hyundai Merchant Marine has little cash in reserve, continuing to suffer major operating losses could ultimately force it to once again ask its creditors for help. According to Solidarity for Economic Reform, as of the end of June, Hyundai Merchant Marine only had 376.4 billion won (US$340.4 million) in cash and cash equivalents. Thus, if they continue to post big operating losses in the second half of this year and the next without receiving external funding, they will run out of money
A 700 billion won debt-for-equity swap by the company’s creditors in early August brought its debt ratio down from 900% at the end of last year to less than 200%, but the company would have trouble raising external funds given its current credit

SniperGod
SniperGod

@Emberfire
@Firespawn
In June, the South Korean government and the Bank of Korea announced a support package that involved setting up a fund worth 11 trillion won (US$9.9 billion) to help state-operated banks raise enough capital to restructure the shipping and shipbuilding industries.
Experts argue that Hyundai Merchant Marine needs to take drastic measures to get back on its feet by dropping out of routes on which it is not competitive, instead of simply waiting for a recovery in the global shipping industry.
“Since there’s no telling when the ‘chicken game’ in the global shipping industry that has been going on since 2011 will come to an end, you’re only going to get limited results from acquisitions of high-quality assets at Hanjin Shipping Company and from the government-backed aid package that involves creating a ship fund, building ships and renting ships for low fees.
Right now, mid-sized domestic shipping firms are making money on routes in Southeast Asia,” said a former senior executive at a global shipping firm. The “chicken game” mentioned by the former executive refers to firms slashing their shipping fares in an attempt to run competitors out of business.
This former executive also brushed aside the argument that South Korea needs a world-class shipping company of its own because of the security situation and the importance of imports and exports. “The US is a leading importer and exporter, and it only has coastal shipping companies. It doesn’t have a global shipping company,” the former executive said.

Hyundai Merchant Marine seeks to cut fleet rates

Hyundai Merchant Marine, Hanjin Shipping Face Cash Crunch
http://www.hellenicshippingnews.com/hyundai-merchant-marine-hanjin-shipping-face-cash-crunch/
According to industry sources on January 24, Hyundai Merchant Marine and Hanjin Shipping are struggling to come up with measures to overcome the liquidity crisis

SniperWish
SniperWish

Wait is there a way to profit of any sort of liquidation of stranded assets? Also what would happen if... pirates. ?

BlogWobbles
BlogWobbles

@BinaryMan
@idontknow
Samsung Galaxy Note7 may be banned from US flights

The FAA Is Considering a Ban on Samsung's Exploding Smartphones
http://gizmodo.com/the-faa-is-considering-a-ban-on-samsungs-exploding-smar-1786250063

@w8t4u
Hanjin's Ghost Ships Seek Havens With Food and Water Starting to Dwindle
http://www.bloomberg.com/news/articles/2016-09-06/hanjin-s-ghost-ships-seek-havens-as-food-water-start-to-dwindle
"Our ships can become ghost ships,” said Kim Ho Kyung, a manager at Hanjin Shipping’s labor union. "Food and water are running down in those ships floating in international waters.”

No to Food

A request for food and water was rejected, said the captain via a satellite phone and who declined to use his name citing company policy. There should be measures to secure the safety of sailors, he said, adding they don’t know how long they should wait at sea.

While Hanjin’s lawyers try to arrange legal cover in 43 countries against ports taking over vessels, some captains are heading for Singapore, Hamburg or Busan in South Korea, where the company hopes the ships won’t be impounded and will be able to unload so that clients can arrange alternative transport.

@happy_sad
"Hanjin called us and said: 'We're going bankrupt and we can't pay any bills — so don't bother asking,'

The Hanjin does not want to offer water and food to sailors. Because it is waste of the expense, and there is not a meaning
This is because it already already went bankrupt virtually

TalkBomber
TalkBomber

Anger grows at $14bn of stuck cargoes on Hanjin ships
http://splash247.com/anger-grows-14bn-stuck-cargoes-hanjin-ships/

Moral Hazard Case Study: Hanjin Shipping
http://www.maritime-executive.com/editorials/moral-hazard-case-study-hanjin-shipping

Moral Hazard Case Study: Korean Common Sense Lost In Translation – Hebei Spirit
@PackManBrainlure
@Snarelure
@Burnblaze
@Emberfire

King_Martha
King_Martha

South Korean Shipping Firm Fights to Stay Afloat in Global Storm

Hyundai Merchant Marine resurrects asset-sale plan in bid to avoid bankruptcy
http://www.wsj.com/articles/south-korean-shipping-firm-fights-to-stay-afloat-in-global-storm-1454328362

Spamalot
Spamalot

Amid Hanjin Shipping crisis, employees threatened on land, at sea
http://english.hani.co.kr/arti/english_edition/e_national/760180.html

Demands for payments, ire of cargo owners intensifying at ports worldwide; shipping crews at risk in foreign waters
Employees at Hanjin Shipping are facing threats and dangers around the world in the wake of the company’s placement under corporate rehabilitation procedures (court receivership).
According to Hanjin Shipping sources on Sept. 5, employees dispatched to 43 branches and 160 agencies in 80 countries around the world are dealing with risks and difficulties. A growing number are also feeling physically threatened. At one branch office in Tianjin, China, shipping service suppliers hired knife-wielding gangsters to seal off the first floor of the building after news broke of the court receivership application. Employees were narrowly able to evacuate after reporting the situation to Chinese police.
In Mumbai, terminal transportation and loading companies threatened employees while demanding back payments.

Soft_member
Soft_member

@Spamalot
In response, female employees began telecommuting and requesting protection from the South Korean consulate, police and security companies for the safety of family members. In North India, groups armed with guns and criminal gangs have many on edge as they fear the attempts to demand arrears could erupt into violence.
In Bangkok, local employees have been sent to nearby countries amid concerns that cargo owners and shipping contractors could confiscate assets and file lawsuits to have them prevented from leaving.
Disturbances have also broken out in Dubai, where cargo owners have visited branches to demand their stuck freight be returned immediately. But with demands not only for loading fees but also separate deposits, the owners’ discontent is growing. Delays in cargo handling in Ho Chi Minh City and Jakarta have also resulted in protests by cargo owners.
Meanwhile, crew members aboard some 50 ships stuck at sea after being refused port access could find themselves in international waters with nowhere to go. Currently, Hanjin Shipping cargo ships can only put in after prepayment of loading and port usage costs due to fears of cargo ships being detained. A ship that cannot enter any port would have to return to South Korea, in which case it would face difficulties with fuel, lubricants and food supplies.

viagrandad
viagrandad

@Spamalot
@Soft_member
But cargo-laden vessels in international waters for a long period of time could become targets for pirates and remain vulnerable to wind, waves and poor weather conditions. Drinking water and food supplies typically run out after about one week. In this situation, financial support is urgently needed, either to enter a port and unload cargo or to return home.

“Around 50 container ships and bulk carriers are on standby in foreign waters, unable to enter or leave ports,” the Hanjin Shipping union said in a statement in response to the situation. “Under these conditions, necessary living items cannot be supplied. The crew members need support from both the company and government to be able to retain their human dignity.”

cum2soon
cum2soon

Hanjin owes us $11.6m in charter payments, says Seaspan – carrier's ‘business is at risk’
https://theloadstar.co.uk/hanjin-owes-us-11-6m-in-charter-payments-says-seaspan-carriers-business-is-at-risk/

With all attention on how long Hyundai Merchant Marine (HMM) can stave off bankruptcy, evidence of South Korean compatriot Hanjin Shipping’s equally severe cash crisis has emerged.

A prospectus from containership owner Seaspan Corporation yesterday reveals that Hanjin is significantly behind in its charter hire payments.

It says: “Hanjin charters three of our 10,000 teu vessels and four of GCI’s [an affiliate] 10,000 teu vessels under 10-year charter contracts with options to extend. Hanjin currently is making monthly payments under its charters with us, but, as of the date of this prospectus supplement, we have a total of approximately $11.6m of accounts receivable relating to the charters, all of which is past due.”

The Loadstar understands that the $11.6m of arrears relates only to the three Seaspan vessels, Hanjin Buddha, Hanjin Namu and Hanjin Tabul, delivered to Hanjin in 2014 and have eight years remaining at a fixed daily rate of $43,000.

Seaspan confirms in the prospectus, for five million of its Class A common shares, filed with the US Securities and Exchange Commission, that it received a request from Hanjin for a reduction in charter rates for a period of three and a half years, in exchange for “securities in a restructured Hanjin”.

It says it rejected this request and that “neither Hanjin nor KDB [Korea Development Bank] can change the charter rates in the voluntary restructuring without our consent”.

w8t4u
w8t4u

@cum2soon
Seaspan cautions investors that a failure by Hanjin to make charter payments could result in a default of its own financing agreements for the vessels.

But it adds that a breach of the charter parties would permit it to “arrest the applicable vessels, terminate the charters and seek to recharter the vessels out”.

This would further materially harm Hanjin’s business and restructuring efforts.

The amount of the charter hire arrears by Hanjin now admitted by Seaspan is surprising, given that at the end of last month CEO Gerry Wang stated: “We have not received any request from Hanjin to renegotiate charter hires.”
During the Q1 results presentation Mr Wang said that the carrier “continued to make charter hire payments regularly” and that he “did not anticipate any charter breaks”.

Meanwhile, a broker source told The Loadstar today that bulk and containership owners were deciding what to do about late charter hire payments by HMM. But HMM has denied that it has any late payments.

The carrier is suffering a severe liquidity crisis ahead of an expected decision by its creditors to put the company into court receivership. He had heard that “it was only a matter of time” before one of the smaller shipowners arrested a ship.

Today HMM said the KRW1.24 trillion sale of Hyundai Securities would be “wrapped up” this month, thereby easing the group’s short-term liquidity problems.

In an attempt to reassure to its business partners, it added: “The cash acquired from selling Hyundai Securities will only be used to stabilise HMM’s operation.”

Gigastrength
Gigastrength

@TalkBomber
Moral Hazard Case Study: Hanjin Shipping

Moral hazard issue flares up again amid corporate restructuring
http://www.koreaherald.com/view.php?ud=20160427000702

With Korea on the verge of a massive corporate restructuring, controversy has resurfaced over entrepreneurial moral hazards following the sale of shares in a financially troubled shipper by the family of its former chairwoman, watchers said Wednesday.

According to a recent regulatory filing, Choi Eun-yeong, former chairwoman of Hanjin Shipping, and her two daughters sold their entire 0.39 percent stake, or 669,248 shares, in Korea's biggest container carrier between April 6-20.

The controversial stock sale was completed two days before Hanjin Shipping, long troubled by an industry slump and ballooning losses, decided to apply for a creditor-led debt revamp and a self-rescue program.

Shares of Hanjin Shipping tumbled 7.3 percent to finish at 2,605 won ($2.28) on the main bourse on Friday. The decision was announced after the market closed.

As Hanjin Shipping submitted the application to creditors on Monday, the shipper suffered another rout with its share price plunging by the daily permissible limit of 29.94 percent to 1,825 won.

Choi's family is estimated to have avoided some 1 billion won in losses by selling their shares ahead of the company's decision to file for debt restructuring.

The nation's financial watchdog has opened an investigation into whether the Choi family sold the shares using undisclosed corporate information to avoid hefty losses.

Market watchers slam the stock sale as a typical case of entrepreneurial moral hazard, regardless of whether it violated a related law or not.

Korea has seen several cases of moral hazard committed by the owner families of embattled companies.

Techpill
Techpill

@Gigastrength
In 2013, some chief executives of affiliates of Tongyang Group were found to have disposed of their stakes in Tongyang Inc.

shortly before the company was placed under court receivership.

Analysts predict Choi may face punishment for her controversial stock sale, which could constitute a violation of the financial investment services and capital market act.

Under the law, executives, staff members and major shareholders of a company are deemed "insiders" who are banned from using undisclosed information. The status is retained for one year even after they retire or the company splits off.

Violators could face a prison sentence of up to 10 years or a fine that amounts to three times the amount of gains or losses avoided.

Currently, Choi is the chairwoman of Eusu Holdings that separated from Hanjin Group in May last year. Eusu Holdings, formerly known as Hanjin Shipping Holdings, has shipping-related units under its wing. Hanjin Shipping is no longer an affiliate of Eusu Holdings.

In April 2014, Korea's leading air carrier Korean Air Lines led by Chairman Cho Yang-ho acquired a 33.23 percent stake in Hanjin Shipping to become the largest shareholder.

Cho's younger brother Soo-ho ran the shipping company until he died in November 2006 and then his wife, Choi, ran the cash-strapped company after the 2008 financial crisis before quitting in April 2014.

Experts said a close legal review is needed to determine whether she should be considered an insider of Hanjin Shipping, but they added she could not avoid an investigation as secondary and tertiary recipients of undisclosed information are subject to punishment for using the information for stock trading under a revision to the act. (Yonhap)

Firespawn
Firespawn

@Gigastrength
@Techpill
Top headlines in major S. Korean newspapers
2016/04/23 09:35
SEOUL, April 23 (Yonhap) -- The following are the top headlines in major South Korean newspapers on April 23.

-- Conservative civic group claims to be ordered by gov't to stage a rally (Kyunghyang Shinmun)

-- Hanjin Group chief gives up management rights (Kookmin Daily)

-- Gov't announces fiscal policy without cooperation of opposition parties (Donga llbo)

-- Hanjin Group chief gives up management rights (Seoul Shinmun)

-- Gov't to enact law for fiscal soundness (Segye Times)

-- Gov't, opposition parties clash over fiscal planning (Chosun Ilbo)

-- Hanjin Group chief abandons management rights (JoongAng Ilbo)

-- Hanjin Group owner family sells shares ahead of restructuring (Hankyoreh)

-- Hanjin seeks self-rescue measures (Hankook Ilbo)

-- Cho Yang-ho to leave Hanjin Group (Maeil Business Newspaper)

-- Cho Yang-ho to give up management rights (Korea Economic Daily)

-- Speeding train derails in Yeosu, killing the driver (Korea JoongAng Daily)

-- 1 dead, 8 injured in train derailment (Korea Herald)

-- NK may unveil reforms at party congress (Korea Times)
http://english.yonhapnews.co.kr/news/2016/04/23/0200000000AEN20160423000500315.html

Need_TLC
Need_TLC

Hanjin asks creditors to go easy

The troubled shipper requests a ‘self-rescue’ instead of receivership
http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3017987

Hanjin Shipping on Monday asked its creditors to approve a “self-rescue” of the company by management.

A self-rescue is a weaker type of corporate restructuring than a debt workout or court receivership. A self-rescue program would be launched after creditors study the current status of the company, which is sitting on 6.6 trillion won ($5.8 billion) in debt.

Should creditors led by the state-run Korea Development Bank give a green light, the maturing debts of Korea’s No. 1 shipper - 3.2 trillion won by the end of this year - will be rolled over, and part of it could be rescheduled in a best-case scenario.

In return, Hanjin Shipping will have to carry out a range of reforms demanded by creditors during the extended period of debt payment. Should the company fail to fulfill them, the self-rescue plan would terminate automatically.

Given that Hyundai Group Chairman Hyun Jung-eun coughed up 30 billion won to help his ailing container carrier, Hyundai Merchant Marine, which is laboring under 4.8 trillion won debt, it is likely that creditors will ask Hanjin Group Chairman Cho Yang-ho to contribute some of his personal assets.

The chairman already announced Friday that he would relinquish control of the company he took over from his late younger brother’s wife, Choi Eun-young, in 2014, and he has already injected around 1 trillion won into the cash-strapped company through affiliates such as Korean Air.

Choi served as chairwoman from 2007, a year after her husband Cho Su-ho passed away, through 2014.

Some analysts predict Chairman Cho may refuse any demand for his personal help and allow the company to go into court receivership. That would lead to the company being liquidated, according to the tradition of the shipping industry.

Garbage Can Lid
Garbage Can Lid

@Need_TLC
Some analysts are already skeptical about the prospect of Hanjin Shipping ever returning to normalcy.

Park Kwang-rae, an analyst at Shinhan Investment, says the key would be upcoming negotiations that Hanjin is supposed to have over charter fees with its shipowners. Outstanding charter expenses total 5.5 trillion won, and the amount due by the end of this year is 928.8 billion won. Between 2017 and 2020, Hanjin should pay around 3 trillion won.

“The most plausible solution that creditors might come up with would be lowering the fees and Hanjin selling off its own assets,” Park said. “The assets deemed to be disposable are estimated at being worth 334 billion won, only 10 percent of the 3.2 trillion won debt that Hanjin is supposed to pay by the year’s end.”

Shares of Hanjin Shipping plunged 29.9 percent to close at 1,825 won on Monday.

Hanjin Shipping’s former chairwoman, Choi, meanwhile has been embroiled in an illegal stock transaction controversy. The Financial Supervisory Service (FSS) launched an investigation on Monday into whether Choi and her two daughters sold their combined 977,929 shares, or 0.39 percent, in Hanjin Shipping for 2.7 billion won after acquiring knowledge in advance of Chairman Cho giving up control of the affiliate. The three offloaded all the shares they owned in the company between April 6 and April 20.

The probe by the FSS is the first over unfair transactions in the country’s five most vulnerable industries - shipbuilding, shipping, construction, metals and petrochemicals.

Restructuring of those industries has emerged as the most urgent issue for the Korean economy. The FSS has asked the Korea Exchange to submit records of the Choi family’s transactions.

“The sales leave a lot of room to suspect unfair trading that used undisclosed information, although it’s too early to affirm at this stage,” an FSS official said.

Evilember
Evilember

The government of S.Korea, Park Geun-hye,President of S.Korea ,and Hanjin Group have been performing buck-passing and blaming each other in the case of Hanjin bankruptcy

Stupidasole
Stupidasole

http://www.news-us.jp/article/20160908-000003k.html

Hanjin Injustice

CodeBuns
CodeBuns

@cum2soon
Hanjin bankruptcy: Are South Korea's 'chaebols' in crisis?http://www.bbc.com/news/business-37295185

Lunatick
Lunatick

@Need_TLC
sitting on 6.6 trillion won ($5.8 billion) in debt.

Might as well go straight to the funeral. This company is deader than dead.

happy_sad
happy_sad

@Spamalot
Amid Hanjin Shipping crisis, employees threatened on land, at sea

threatened
...?
the assailant poses as a victim
and appeal to the another person's sympathy.
The Korean employee of Hanjin company in oversea plans flee abroad in a name on a business trip

massdebater
massdebater

@cum2soon
Investigators step up insider trading probe at Hanjin Shipping
http://splash247.com/investigators-step-up-insider-trading-probe-at-hanjin-shipping/

Former Hanjin chairman faces prosecutors’ insider trading charges
http://splash247.com/former-hanjin-chairman-faces-prosecutors-insider-trading-charges/

Ex-Hanjin chairwoman summoned again on allegations of insider trading
http://splash247.com/ex-hanjin-chairwoman-summoned-again-allegations-insider-trading/

Former Hanjin chairwoman faces insider trading charges

Choi Eun-young, former head of South Korean ocean carrier Hanjin Shipping, was summoned by prosecutors Wednesday over suspicions of insider trading.
http://www.americanshipper.com/Main/News/Former_Hanjin_chairwoman_faces_insider_trading_cha_64283.aspx

Ex-head of Hanjin Shipping summoned again for insider trading
http://www.hellenicshippingnews.com/ex-head-of-hanjin-shipping-summoned-again-for-insider-trading/

Gigastrength
Gigastrength

South Korean shipper's bankruptcy crisis could affect U.S. holiday sales
http://www.usatoday.com/story/money/business/2016/09/07/hanjin-shipping-seeks-us-bankruptcy-protection/89948440/

Nike, Samsung suppliers marooned by Hanjin's collapse race for Thanksgiving rush
http://www.straitstimes.com/business/companies-markets/nike-samsung-suppliers-marooned-by-hanjins-collapse-race-for-thanksgiving

Snarelure
Snarelure

@idontknow
@Poker_Star
S. Korea wins WTO case against U.S. punitive duties on washing machines

SEOUL, Sept. 8 -- South Korea has finally won its case against the United States' antidumping duties imposed on South Korean washing machines, the government said Thursday.

The World Trade Organization's (WTO) dispute settlement panel delivered its final report on the case to members on Wednesday, and the report maintained all key points of an earlier ruling that found the U.S. in violation of the antidumping agreement, according to officials from the Ministry of Trade, Industry and Energy.

They said the report will likely be made final when the Dispute Settlement Board (DSB) meets later in the month for a regular session, serving as a de facto final ruling on the South Korea-U.S. dispute.

The case began in 2013 when Seoul filed a complaint against Washington imposing antidumping tariffs of 9 to 13 percent on South Korea-made washing machines.

South Korea raised questions against the controversial method used by the United States to calculate antidumping duties, known as zeroing, where the U.S. sets at zero any negative difference between the domestic price of a foreign product and its U.S. import price and thus making the overall average of dumping greater.

The U.S. also imposed its punitive duties on South Korean washers based on those sold on Black Friday of 2012.

In March, a WTO panel decided the so-called zeroing method was in violation of the antidumping agreement, while it also found that targeting products sold on specific dates too violated the WTO agreement.

The DSB, acting as an appeals court, again ruled in favor of South Korea this week, ministry officials said.

After the dispute board makes its final decision, the United States will have up to 15 months to remedy the damage to South Korean washer makers, they added.
http://english.yonhapnews.co.kr/national/2016/09/08/0301000000AEN20160908002700320.html

https://www.youtube.com/watch?v=wuJMkH77wC0

Skullbone
Skullbone

@BinaryMan
@BlogWobbles
Samsung Galaxy Note 7 Use Banned On Australian Flights

As Reuters is reporting, three airlines – namely Qantas, Virgin Australia and Qantas' budget outfit, Jetstar – have banned the use or the charging of Galaxy Note 7 devices on their flights.
http://www.techtimes.com/articles/176838/20160908/samsung-galaxy-note-7-use-banned-on-australian-flights.htm

Samsung Electronics seeks US court help to get Hanjin cargo
http://www.reuters.com/article/us-hanjin-shipping-debt-samsung-elec-idUSKCN11E2ZH

Lead Hanjin Shipping creditor says difficult to provide more funds
http://www.reuters.com/article/hanjin-shipping-debt-idUSS6N19U01R?feedType=RSS

idontknow
idontknow

http://www.news-us.jp/article/20160909-000007k.html

Injustice

Harmless_Venom
Harmless_Venom

@BlogWobbles
@Skullbone
FAA Urges Passengers to Not Use Samsung Galaxy Note 7 on Planes
http://www.wsj.com/articles/faa-urges-passengers-to-not-use-samsung-galaxy-note-7-on-planes-1473381966

FAA 'strongly advises' passengers not to bring Samsung Galaxy Note 7 on planes
http://www.theverge.com/2016/9/8/12856734/faa-samsung-galaxy-note-7-warning-statement

Florida Family Claims Samsung Galaxy Note7 Phone Set Their Jeep Ablaze
http://abcnews.go.com/US/florida-family-claims-samsung-galaxy-note7-phone-set/story?id=41946379

Lord_Tryzalot
Lord_Tryzalot

Samsung to Sell $681 Million of Shares in ASML Holding
The sale would represent half of Samsung’s 2.9% stake in ASMhttp://www.wsj.com/articles/samsung-to-sell-681-million-of-shares-in-asml-holding-1473330923

Hanjin seeks funds to free stranded cargo worth $14bn
http://www.bbc.com/news/business-37304940

How The Hanjin Bankruptcy Could Impact Oil Prices
http://oilprice.com/Energy/Energy-General/How-The-Hanjin-Bankruptcy-Could-Impact-Oil-Prices.html

The 'ghost fleet' of cargo ships with nowhere to go is going to hurt a lot of US companies
http://www.businessinsider.com/hajin-shipping-bankruptcy-effect-on-us-companies-2016-9

MPmaster
MPmaster

Korean Air Lines delays decision on funding plan for Hanjin Shipping
http://www.reuters.com/article/hanjin-shipping-debt-idUSS6N17L046

Hanjin funding plan faces further delay
http://seekingalpha.com/news/3207828-hanjin-funding-plan-faces-delay

From steaks to furniture, Hanjin Shipping collapse to raise freight costs
http://www.reuters.com/article/us-hanjin-shipping-debt-freight-idUSKCN11F00D

Retailers ask USA to help resolve shipping crisis
http://www.crcconnection.com/2016/09/09/retailers-ask-usa-to-help-resolve-shipping-crisis.html

Inmate
Inmate

The Ghost Ships of Hanjin and Why They're Spoiling Christmas
http://www.bloomberg.com/news/articles/2016-09-09/quicktake-q-a-the-shipping-line-that-could-spoil-christmas

Who are the big losers from scuttling Hanjin Shipping?
http://www.cnbc.com/2016/09/07/hanjin-shippings-collapse-likely-to-hit-christmas-shoppers-global-postage.html

Hanjin Bankruptcy: a Harbinger for the Global Economy?
http://www.thenewamerican.com/economy/sectors/item/24022-hanjin-bankruptcy-a-harbinger-for-the-global-economy

Hanjin Shipping Shutdown Causes Chaos
http://maritimematters.com/2016/09/hanjin-shipping-shutdown-causes-chaos/

Half of South Korean shipping company's container fleet denied port access
http://www.crcconnection.com/2016/09/09/half-of-south-korean-shipping-companys-container-fleet.html

United States retailers concerned over shipments stranded by Hanjin bankruptcy
http://www.crcconnection.com/2016/09/08/united-states-retailers-concerned-over-shipments-stranded.html

likme
likme

The Ghost Ships of Hanjin and Why They're Spoiling Christmas

Hanjin Shipping Co., South Korea’s biggest container line, is roiling the supply chain for goods such as sneakers and T-shirts from Nike Inc. and Hugo Boss AG, and monitors and home appliances from Samsung Electronics Co. After Hanjin filed for bankruptcy protection, about half its fleet was stranded. The container shipping industry is in the midst of its busiest time of the year, with retailers moving goods for Christmas shopping, which starts in the U.S. around Thanksgiving. About 89 Hanjin ships are stuck at sea without enough money to pay fees to offload their goods. Ports in the U.S., Asia and Europe have turned the ships away.

1. What products are affected?

Apparel, handbags, televisions and washing machines are among goods stranded at sea. Samsung says its home appliance and visual display business divisions had about $38 million of goods stuck in two Hanjin ships in the U.S. and it would have to charter at least 16 planes to transport products if the cargo can’t be offloaded immediately. LG Electronics Inc., the world’s second-largest manufacturer of televisions, is also trying to find new carriers for its goods.

2. How might this affect Christmas shopping?

September and October are part of the key period when manufacturers and suppliers, including those in Asia, deliver holiday-season goods to retailers, such as those in the U.S. (The effort to identify this year’s hottest holiday-season toy is well under way.) The Hanjin logjam is expected to have minimal impact if it’s resolved within a matter of weeks. Citigroup, in a research note, predicts that inventory shortfalls for the holiday season "are unlikely."

lostmypassword
lostmypassword

@likme
3. What’s happening on the stranded ships?

Vessels carry as many as 24 crew each and pack enough food, fresh water and other essentials for several extra weeks. While sailors aren’t starving, at least one captain in international waters said his ship was refused a request for food and water. Other ships anchored at ports in Rotterdam and Singapore are receiving food, water and daily necessities from Hanjin.

4. What does this mean for the shipping industry?

The misfortune of Hanjin is giving a temporary boost to rivals. Hyundai Merchant Marine Co., South Korea’s second-largest container line, plans to deploy 13 more vessels to the U.S. and Europe to help ease cargo disruptions. Prices for shipping containers have surged, with the cost to transport a box to Los Angeles from Hong Kong jumping 40 percent to the most in more than a year. Shares of Hanjin, the world’s seventh-largest container line, have lost about two-thirds of their value this year.

5. What happens next?

Hanjin’s owner will provide 100 billion won ($91 million) to help contain disruptions to the global supply chain while South Korea’s ruling Saenuri Party has asked the government to offer about 100 billion won of loans at low interest rates. Still, estimates show the company needs more than 600 billion won to cover unpaid costs like fuel. Should the company go into liquidation and its vessels are sold, the industry will still be facing the same oversupply of capacity that has plagued it for the last few years. The excess capacity has been driven by demand for bigger ships that can carry more containers at lower cost per box, driving rates down to a record low.

http://www.bloomberg.com/news/articles/2016-09-09/quicktake-q-a-the-shipping-line-that-could-spoil-christmas

Deadlyinx
Deadlyinx

Suppliers marooned by Hanjin collapse scramble for Thanksgiving rush
http://www.todayonline.com/business/suppliers-marooned-hanjin-collapse-scramble-thanksgiving-rush

From steaks to furniture, Hanjin Shipping collapse to raise freight costs
http://www.reuters.com/article/us-hanjin-shipping-debt-freight-idUSKCN11F00D

Techpill
Techpill

From steaks to furniture, Hanjin Shipping collapse to raise freight costs
http://www.reuters.com/article/us-hanjin-shipping-debt-freight-idUSKCN11F00D

The collapse of Hanjin Shipping (117930.KS) will boost the cost to U.S. businesses and consumers of a wide range of imported goods, from furniture and clothing to fresh fruit and frozen meat, according to federal agencies, shippers and retailers.

With Hanjin's future in doubt, carriers have announced they will hike container freight rates by as much as 50 percent beginning next month as retailers scramble to secure shipping ahead of the peak year-end holiday season, industry sources said.

United Parcel Service Inc (UPS.N) said on Thursday it is seeing a bump in demand for its freight services and is working with customers in Asia to shift goods from Hanjin containers to other ocean freight operators or air freight services. About $14 billion worth of cargo was stranded by the collapse of the seventh largest container carrier in the world.

"Right now, there is much more (freight) demand than there is supply. People are scrambling to find a carrier with space," said Peter Friedmann, executive director of the Agriculture Transportation Coalition shipping industry group.

"But the biggest challenge right now is for people with cargo on Hanjin ships," he said.

Cargo shippers have been forced to pay thousands of dollars in fees to terminal owners and truckers to reclaim their goods from Hanjin ships to prevent perishable foods from spoiling and to avoid losing sales because goods are not available when customers want them.

Hanjin would normally pay the fees for port usage and container handling as part of its freight services. With the South Korean shipper in receivership, it is unclear if shippers would recoup any added costs they pay out of pocket to retrieve their goods.

Methshot
Methshot

@Techpill
Singapore-based crop shipper Agrocorp International said that DP World, terminal operator at Port Metro Vancouver, last week held 24 containers, or 600 tonnes, of its Canadian lentils that were bound for India and Bangladesh, demanding a release fee of $450 per container.

Industry analysts expect the freight increases to be short-lived as more shipping capacity comes on line.

"The Hanjin ships are going to be off the market for the holiday seasons. It will take several months to sort through the legalities, but any rate increase will be temporary," said David St. Amand, president of Navigistics Consulting.

In the short term, retailers are likely to take hits to their profit margins as they try to shield customers from any more price rises in a hyper-competitive retail market.

"We believe that (the Hanjin collapse) will likely increase our short to medium term ocean freight costs which will minimally impact product cost in all of our operating segments to varying degrees. However, inventory availability is good," Paul Toms, CEO of Hooker Furniture (HOFT.O), said on an earnings conference call on Thursday.

Methnerd
Methnerd

@Techpill
@Methshot
Joe Parsons, CFO for Michael Kors (KORS.K), said from the Goldman Sachs retail conference on Wednesday that the company does not expect a significant long-term impact on its business. But "there is going to be some pricing pressure. At this point, we are continuing to evaluate it," he said.

The American Apparel and Footwear Association said it expects gross margins to be pressured in the near term by the higher shipping prices and additional unloading fees.

Hanjin's collapse could wreak havoc on port operations and shipping lines over the next two to three months and could impact trade between the United States and South Korea, the U.S. Department of Agriculture said in a report published on Thursday.

Container freight charges have more than doubled since May and could appreciate further, the agency said. The average cost to move goods in 40-foot containers from the U.S. West Coast to Asia was quoted at $1,700 this month, up from $788 in May.

Sharpcharm
Sharpcharm

@cum2soon
"Hanjin shipping line files for bankruptcy" became an international problem

[HANJIN CRISIS] Korea, US discuss cargo disruption over Hanjin crisis
http://www.theinvestor.co.kr/view.php?ud=20160909000879

THE INVESTOR] Government representatives from South Korea and the US have held a meeting in Seoul to seek ways to prevent cargo disruption in ports in North America over the deepening Hanjin crisis, officials said Friday.

The meeting was held amid widespread concerns that the cash-strapped South Korean shipping firm could impede cargoes heading to the US ahead of the upcoming holiday season. The details of the discussion have remained undisclosed.

The world‘s seventh-largest container shipping firm filed for court protection in Korea last week. The shipper is seeking stay orders in over 40 countries in fear of creditors’ trying to seize the ships. Concerns have been rapidly growing over massive cargo chaos if Hanjin‘s ships remain afloat, as well as its impact to countries worldwide.

The American group of retailers including Walmart has urged the US government to solve the problem before the Black Friday season in November.

The US retail industry prepares for the Thanksgiving season from September. Hanjin Shipping has made up about 8 percent of the trans-Pacific trade volume for the US market.

As of late Thursday, a total of 89 out of 128 Hanijn ships have had their operations disrupted in 26 countries. The value of the stranded containers is estimated to be about $14 billion won.

Snarelure
Snarelure

@Sharpcharm
Four vessels have been seized in Singapore, China and Australia.

Complaints from local trading companies are also escalating.

According to the Korea International Trade Association, a total of 258 export damage cases have been reported since Sept.1, as of Friday morning.

The total invoice value is estimated to be around $111 million, the agency said.

By regions, Asia accounted for the most with 131 cases, followed by the Americas with 118 cases and Europe with 113 cases.

Meanwhile, Hanjin Shipping is projected to face another hurdle as its parent group’s urgent financial support is being delayed.

On Tuesday, Hanjin Group vowed to inject 100 billion won ($90.5 million) to the near-bankrupt company to help cover the overdue balance. The group said the fund will consist of 40 billion won of Hanjin Group Chairman Cho Yang-ho’s private assets and 60 billion won from Korean Air, the largest shareholder of the shipping company.

The airliner’s board members, however, have failed to come to a consensus on Hanjin Group’s fund plan two days in a row.

The group previously said it would provide 60 billion won in loans secured by the shipping unit’s stakes in overseas terminals such as Hanjin Long Beach.

The group said it will hold the board meeting again on Saturday.

The chairman’s plan to support 40 billion won in loans secured by his stocks is to be carried out next week as scheduled, it added.

Skullbone
Skullbone

@Sharpcharm
@Snarelure
Hanjin Shipping funding plan faces further delay, Samsung tries to recover goods
http://www.reuters.com/article/us-hanjin-shipping-debt-idUSKCN11F0ES?il=0

Korean Air Delays Its Funding Decision on Hanjin As Samsung Seeks a Court Order
http://fortune.com/2016/09/09/samsung-court-order-hanjin/

Representatives of the U.S. Department of Commerce met with the vice minister of South Korea’s maritime ministry on Friday morning, a ministry spokesman said, but declined to comment on what was discussed before a planned official statement.

Stupidasole
Stupidasole

why is someone posting all of this?

AwesomeTucker
AwesomeTucker

@Stupidasole
Its exciting fuck off normie

Skullbone
Skullbone

@Sharpcharm
@Snarelure
I guess

If South Korea will not solve this problem,the Hanjin Crisis, by Black Friday, a side effect of the economic aggravation may come out

It may disturbs the rise in interest rate in this year indirectly

or the width of the rise in interest rate may be limited

Bidwell
Bidwell

"I use both iPhone & Samsung," Trump wrote on Twitter. "If Apple doesn't give info to authorities on the terrorists I'll only be using Samsung until they give info."

http://appleinsider.com/articles/16/03/11/three-weeks-after-calling-for-apple-boycott-donald-trump-is-tweeting-from-his-iphone-again

US, Japan warn against using Samsung Galaxy Note 7 on planes
https://au.news.yahoo.com/world/a/32579133/us-japan-warn-against-using-samsung-galaxy-note-7-on-planes/

FAA warns against using Samsung Galaxy Note 7 on planes
http://www.usatoday.com/story/travel/flights/todayinthesky/2016/09/09/faa-dont-use-samsung-galaxy-note-7-planes/90115874/

VIDEO - Jeep on Fire Totaled by Exploding Samsung Galaxy Note 7 - FLORIDA
https://www.youtube.com/watch?v=utHRQtuzuYo

Carnalpleasure
Carnalpleasure

@BinaryMan
@Lord_Tryzalot
@Harmless_Venom
@Skullbone
@Skullbone
@Bidwell

Samsung, CPSC Say Galaxy Note 7 Owners Should Stop Using Them

Samsung says users should return the phones; government is working with Samsung on recall amid safety concerns
http://www.wsj.com/articles/samsung-galaxy-note-7-users-should-stop-using-charging-devices-cpsc-says-1473453757

Can FAA's warning to Samsung Galaxy Note 7 users really be enforced?
http://money.cnn.com/2016/09/09/technology/samsung-galaxy-note-7-airplane-enforcement/

Samsung has not responded to requests for comment on the use of the Note 7 on airplanes. The South Korean electronics giant is offering customers a replacement Galaxy S7 or Galaxy S7 Edge and a $25 gift card or bill credit.

Samsung has not responded to requests for comment on the use of the Note 7 on airplanes.

Is Samsung HANJIN Company?

WebTool
WebTool

@Bidwell
@Carnalpleasure
Press Statement from the U.S. Consumer Product Safety Commission Regarding the Samsung Galaxy Note7

http://www.cpsc.gov/en/Newsroom/Press-Statements/Press-Statement-from-the-US-Consumer-Product-Safety-Commission-Regarding-the-Samsung-Galaxy-Note7/

CPSC warns: Don't use Samsung Galaxy Note 7 phones over fire risk
http://www.cbsnews.com/news/cpsc-warning-samsung-note-7-phones-fire-explosions/

@idontknow
Consumers urged to check Samsung washing machines following another fire

5mileys
5mileys

@Bidwell
@Carnalpleasure
@WebTool
Korean Government Not to Prohibit Air Passengers from Carrying Galaxy Note 7
http://www.businesskorea.co.kr/english/news/ict/15807-boarding-galaxy-note-7-korean-government-not-prohibit-air-passengers-carrying-galaxy

Transport Ministry Mulls Banning Galaxy Note 7 from Planes
http://world.kbs.co.kr/english/news/news_Dm_detail.htm?No=121716

Korea considers banning Samsung Galaxy Note 7 on flights
http://www.koreaherald.com/view.php?ud=20160908000830

S. Korea not to ban use of Galaxy Note 7 smartphones on planes
http://english.yonhapnews.co.kr/news/2016/09/08/47/0200000000AEN20160908011900315F.html

Samsung Galaxy Note 7 + Korean Air = pic related @Soft_member
@Booteefool
@Fuzzy_Logic

Korean Air flight catches fire at Tokyo airport
http://www.koreatimes.co.kr/www/news/nation/2016/05/116_205648.html

@Fuzzy_Logic
Korean Air placed 49th in a list of 60 airlines for Airline Safety in 2016
https://en.wikipedia.org/wiki/Korean_Air_incidents_and_accidents

PackManBrainlure
PackManBrainlure

@cum2soon

@Bidwell
@Carnalpleasure
@WebTool
@5mileys
Samsung recalls Galaxy Note 7 over battery flaw

Samsung
"No comment."

South Korea's Ministry of Land, Infrastructure and Transport says

SEJONG, Sept. 8 (Yonhap) -- South Korea said Thursday it has no plan to ban the use of Samsung Electronics Co.'s Galaxy Note 7 on planes following the company's global recall of the smartphones for battery problems.

The Ministry of Land, Infrastructure and Transport said that it has been reviewing whether to prevent people from carrying the devices onto planes over concerns they could pose a risk to the operation of flights.

"We have not seen the need to ban the use of the smartphones on flights," said a ministry official after a meeting with Samsung's officials. "We have no immediate plan to take action and will continue to monitor the situation."

South Korean tech giant Samsung Electronics announced the global recall of the Note 7 smartphones on Friday as some batteries caught fire while being charged.

The ministry said that it does not plan to prohibit passengers from bringing the smartphones onto or charging them during flights.

Industry tracker Gizmodo reported that the U.S. Federal Aviation Administration is considering a ban on Samsung's Note 7 smartphones on flights.
http://english.yonhapnews.co.kr/news/2016/09/08/47/0200000000AEN20160908011900315F.html

"We(Government of South Korea and S. Korea's Ministry of Land, Infrastructure and Transport ) have not seen the need to ban the use of the smartphones on flights," said a ministry official after a meeting with Samsung's officials.

"We have no immediate plan to take action and will continue to monitor the situation."

"No problem at all"

Samsung Galaxy Note 7 ,Hanjin Crisis reserve, has come from S.Korea

Boy_vs_Girl
Boy_vs_Girl

St. Pete family says Jeep totaled by exploding Note 7 - Story | FOX 13 Tampa Bay
http://www.fox13news.com/news/local-news/203295058-story

Recalled Samsung Note 7 possible cause of Horry County house fir - WMBFNews.com, Myrtle Beach/Florence SC, Weather
http://www.wmbfnews.com/story/33034080/recalled-samsung-note-7-possible-cause-of-horry-county-house-fire

@WebTool
FAA Statement on Samsung Galaxy Note7 Devices
http://www.faa.gov/news/updates/?newsId=86424

SniperGod
SniperGod

Samsung Could Be Selling This Business to HP for $1.8 Billion
http://fortune.com/2016/09/09/samsung-printer-business-hp/

Samsung Shares Drop Over FAA Warning on Galaxy Note 7
http://www.wsj.com/articles/samsung-shares-unloaded-in-galaxy-note-7-fire-sale-1473428218

S. Korea: Concerns rise over fall in orders from foreign shipowners
http://www.hellenicshippingnews.com/s-korea-concerns-rise-over-fall-in-orders-from-foreign-shipowners/

'Do you think Korean people are ugly?' BBC Reporter
http://nextshark.com/rupert-wingfield-hayes-north-korea-interrogation/

WebTool
WebTool

@SniperGod
'Do you think Korean people are ugly?' BBC Reporter

Ugly Koreans
http://www.koreatimes.co.kr/www/news/opinon/2016/03/202_199643.html

The situation facing Koreans in the Philippines may be aptly compared to "ugly Koreans in the land of outlaws." The government has tried a variety of ways, including financing Manila's police force, to address a high crime rate against Koreans there but with no visible success. Thereby, a change in approach for more than handout programs is called for to tackle this issue that appears to be only getting worse.

The numbers are stunning. Thirty-four Koreans have been murdered since 2013 ― more than 10 a year ― in the tropical nation that has become popular for retirees. Even more appalling is that in 18 cases, not a single suspect has been apprehended. Last year alone, out of 34 Koreans killed overseas, 11 victims were in the Philippines, the largest in a single country. Plus, it is estimated that 200 Koreans being sought by Korean law are taking refuge there. This comes against the fact that there are about 85,000 Koreans living there, with over a million Korean tourists visiting the nation a year.

There appear to be many reasons why Koreans fall as easy victims. Above all, the Philippines is a nation where law and order are scarcely adhered to, what with illegal firearms easy to acquire and plenty of poor people ready to serve as guns for hire.

BlogWobbles
BlogWobbles

@WebTool
According to a report in the Korean language Joongang Ilbo, guns were the weapon of choice in most murders involving Korean victims. Last December, four gunmen shot to death a Korean in his residence south of Manila.

One notable thing is that none of the victims were tourists. This may be interpreted with some corroborating evidence that the victims are from the increasing number of Koreans flocking to the nation on the promise of retiring happily on a reasonable sum of money, without fully understanding the catches that come with it. For instance, the way they spend is bound to attract the attention of Filipino criminals.

Plus, the tendency among some Koreans to look down on people from Southeast Asia may have also been in play. Although the exact cause has not been determined, the prime suspect in the killing of a former university professor, who died from a wound from a sharp object, was a maid working for him.

Now, the Korean police are educating the Philippines police and augmenting the number of Korean policemen on the so-called Korean Desk with three times as many officers as before. But this could easily end up as a short-term solution because of the chronic shortage of police there and the high level of corruption. A real solution starts back in Korea with those opting for a Philippines retirement to study what they should expect in their new home. More importantly, respect for the local people should be at the top of their lessons.

Evilember
Evilember

@Sharpcharm
@Snarelure
updated

Korea, US discuss cargo disruption over Hanjin crisis
http://www.koreaherald.com/view.php?ud=20160909000896

Government representatives from South Korea and the US have held a meeting in Seoul to seek ways to prevent cargo disruption in ports in North America over the deepening Hanjin crisis, officials said Friday.

Korea’s Oceans and Fisheries Vice-Minister Yoon Hak-bae and US Department of Commerce’s Deputy Assistant Secretary for Asia Diane Farrell shared measures against the Hanjin aftermath amid widespread concerns that the near-bankrupt company could impede cargoes heading to the US ahead of the upcoming holiday season.

The US asked the details of Korea’s countermeasures while Seoul requested support for the port entry of stranded Korean vessels in the US coast.

The world‘s seventh-largest container shipping firm filed for court protection in Korea last week. The shipper is seeking stay orders in over 40 countries in fear of creditors’ trying to seize the ships. Concerns have been rapidly growing over massive cargo chaos if Hanjin‘s ships remain afloat, as well as its impact to countries worldwide.

The American group of retailers including Walmart has urged the US government to solve the problem before the Black Friday season in November.

The US retail industry prepares for the Thanksgiving season from September. Hanjin Shipping has made up about 8 percent of the trans-Pacific trade volume for the US market.

As of late Thursday, a total of 89 out of 128 Hanijn ships have had their operations disrupted in 26 countries. The value of the stranded containers is estimated to be about $14 billion won.

Four vessels have been seized in Singapore, China and Australia.

Complaints from local trading companies are also escalating.

According to the Korea International Trade Association, a total of 258 export damage cases have been reported since Sept.1, as of Friday morning.

SniperWish
SniperWish

@Evilember
The total invoice value is estimated to be around $111 million, the agency said.

By regions, Asia accounted for the most with 131 cases, followed by the Americas with 118 cases and Europe with 113 cases.

Meanwhile, Hanjin Shipping is projected to face another hurdle as its parent group’s urgent financial support is being delayed.

On Tuesday, Hanjin Group vowed to inject 100 billion won ($90.5 million) to the near-bankrupt company to help cover the overdue balance. The group said the fund will consist of 40 billion won of Hanjin Group Chairman Cho Yang-ho’s private assets and 60 billion won from Korean Air, the largest shareholder of the shipping company.

The airliner’s board members, however, have failed to come to a consensus on Hanjin Group’s fund plan two days in a row.

The group previously said it would provide 60 billion won in loans secured by the shipping unit’s stakes in overseas terminals such as Hanjin Long Beach.

The group said it will hold the board meeting again on Saturday.

The chairman’s plan to support 40 billion won in loans secured by his stocks is to be carried out next week as scheduled, it added.

TechHater
TechHater

@cum2soon
breaking news
according to Japanese media

A Korean oil tanker "Eiwa Maru 3(740t)" exploded off Japan's coast, 1 death and 2 injured.

a captain of Korean oil tanker said,
"During working on welding on the deck of the oil tanker ship off Japan's coast, the oil tanker was exploded."

just coincidence or maybe intentionally

Fried_Sushi
Fried_Sushi

Hanjin Group’s emergency funding to Hanjin Shipping delayed again
http://english.donga.com/Home/3/all/26/740083/1

Hanjin Group’s plans to inject emergency funding to settle the logistics troubles have been faced with a possible cancellation. Still, the 40 billion won of private funds provided by Hanjin Group Chairman Cho Yang-ho will be injected early next week.

While Korea Air held its second board meeting on Friday to finance 60 billion won backed by shares of overseas terminal and bonds of Hanjin Shipping, conclusions have not been made yet. “This does not mean that the board voted down the funding plan, but agreed to discuss again on Saturday,” said a Korean Air spokesman said.

However, the 40 billion won to be devoted by the Hanjin chairman is still far from unloading the stranded Hanjin ships. Moreover, the murky outlook may cast a dark shadow over the next hearing on Friday morning (local time) at U.S. Bankruptcy Court in New Jersey. Hanjin Shipping won a provisional ruling on Wednesday after filing a Chapter 15 petition, and the troubled shippnig carrier was ordered to submit plans for financing by Friday. However, ships may be stranded again at the U.S. shores when injection plans fail to meet certain requirements and the court receivership is dismissed.

Need_TLC
Need_TLC

@Fried_Sushi
The main issue at hand for the Korean Air board of directors was the possible breach of duty. Despite 100-billion-won funding from Korean Air and Chairman Cho, it is still uncertain that Hanjin Shipping could stand on its feet again, as the troubled carrier is already under corporate rehabilitation process (court receivership). Hence is the reason why the board members of Korean Air are contemplating upon the funding, as they will face a possible legal action from shareholders on charges of malpractice. Legal experts say that when a management is aware of a possible damage but pushes forward its funding plans, it is highly likely to be deemed as breach of duty, regardless of a payback.

“It is unlikely that the (Korean) prosecutors pursue criminal charges to Korean Air’s funding, as the government continuously pressed Hanjin Group,” said a legal expert in charge of the court receivership of Hanjin Shipping at the Seoul Central District Court. "But we also understand Korean Air’s concerns over a possible civil action from its shareholders.”

As of 5 p.m. on Thursday, a total of 89 ships including 73 container vessels and bulk carriers are stuck and floating on the international seas. The Korea International Trade Association estimated that a total of 258 export damage cases have been reported by 256 clients, with the total unpaid invoice projected at 111 million dollars.

On 11 p.m. on Friday, Hyundai Merchant Marine filled in Hanjin Shipping-operated routes to the American shores from Busan Port. With around 60 percent of containers consigned by domestic clients including Samsung and LG, a 4,000-TEU vessel (1TEU equals one 6-meter-long container) of Hyundai Merchant Marine will make a stop at Gwangyang, South Jeolla Province and dock at Los Angeles in the U.S. Furthermore, four additional Hyundai vessels will carry domestic exports to the U.S. starting next week on every Thursday.

Boy_vs_Girl
Boy_vs_Girl

Hanjin Wins U.S. Bankruptcy Shield, Allowing Cargo Off Ships

http://www.bloomberg.com/news/articles/2016-09-09/hanjin-wins-u-s-bankruptcy-shield-allowing-cargo-off-ships

farquit
farquit

Hanjin bankruptcy could impact oil prices

http://www.usatoday.com/story/money/markets/2016/09/10/hanjin-bankruptcy-could-impact-oil-prices/90112036/

[Updated] One Hanjin Ship Cleared in the US
http://www.maritime-executive.com/article/one-hanjin-ship-cleared-in-the-us

SniperGod
SniperGod

@Need_TLC
@Lunatick
sitting on 6.6 trillion won ($5.8 billion) in debt.

The money the Hanjin Group and its chair pledged is a fraction of the 600 billion South Korean won ($541 million)

$541 million
too little too late same as Nothing

Disable AdBlock to view this page

Disable AdBlock to view this page