UPDATED: Thaw Seen in Hanjin Cargo Freeze-Out - Global Trade Magazine
  September 14th, 2016 | Written by

UPDATED: Thaw Seen in Hanjin Cargo Freeze-Out

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  • Ten Hanjin ships at port of Jebel Ali.
  • One Hanjin ship at port of Long Beach.
  • DP World is working to minimize disruption resulting from Hanjin bankruptcy.

The snafu surrounding stranded cargo aboard Hanjin Shipping vessels is beginning to show signs of relief.

Reports indicate that 10 ships have been accepted at the port of Jebel Ali in Dubai and one by the port of Long Beach in California.

Jebel Ali operator DP World announced that it is working with customers to minimize disruption resulting from Hanjin’s bankruptcy at its flagship port.

Hanjin Shipping filed for bankruptcy in a South Korean court August 31. Since then, Hanjin ships have been frozen out of world ports and three of its vessels were seized. An estimated $14 billion in cargo is reported stranded at sea aboard Hanjin vessels, $38 million belonging to Samsung Electronics.

A DP World spokesman was quoted in a UAE news outlet that the company has been working our “customers and partners to minimize impact on world trade. While protecting our interests, our main focus is limiting any disruption to service for our customers to continue the smooth flow of goods across our global network.”

Meanwhile, one of three Hanjin ships that have been at anchor off the ports of Long Angeles and Long Beach in southern California, has been allowed into the Port of Long Beach and to offload cargo.

The Hanjin Greece, which had been anchored off the coast since August 31, was allowed into port on September 10.  Hanjin apparently came up with $ 10 million to begin unloading the Greece.  U.S. Bankruptcy Court Judge John K. Sherwood ordered the unloading, saying he wanted the Hanjin vessels unloaded and departed quickly.

It is unclear what the disposition will be of the Hanjin Boston. The Hanjin Montevideo, was seized in Long Beach by U.S. marshals acting for a fuel supplier owed $775,000. All three were stranded at sea in the wake of the Hanjin bankruptcy. Concerns have been expressed over the welfare of seafarers aboard the ships, with food and water running low.

A Hanjin attorney in the U.S. said an additional $3.5 million will soon arrive to begin clearing the Los Angeles and Long Beach piers of Hanjin containers.

Hyundai Merchant Marine is reported to have entered deal to buy Hanjin’s core assets. HMM also announced it will create a Mini Alliance with three smaller carriers, Sinokor Merchant Marine and Heung-A Shipping, and Korea Marine Transport, in an effort to fill the gap created by Hanjin’s demise.

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