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Some of Hanjin’s largest customers in the US have filed court requests to allow them to reclaim their cargo, amid accusations that the bankrupt Korean shipping line has resorted to holding cargo hostage as a way of “extorting” cash.
Samsung, Korea’s largest exporter of electronic equipment, said in its filing to the US Bankruptcy Court in New Jersey that the interim provisional relief order granted to Hanjin last week needed to be revised to allow the shipping line’s vessels to depart ports once ...
Comment on this article
David
September 10, 2016 at 10:48 amHanjin Shipping tried to loan money from the bank at the mortgage of long beach container terminal in california. but it faced a complicated matter with the california state government. So, Hanjin requested money to KAL, Korean Air Line. KAL allowed the loan after putting up collateral security on the long beach container terminal in california. Ashley seems to misunderstand Hanjin Shipping.
David
September 12, 2016 at 7:25 amHanjin shipping’s cash flow seems to be improved from September 13, 2016.
CashMcCall
September 14, 2016 at 8:27 pmTHE UCC is the controlling law. Korea assented to the terms of UCC in 1987.
Hanjin should be immediately taken over by the Korean Government in order to facilitate the removal of cargoes and allow shippers and container companies to reclaim their property, including the ship lessors. This is particularly true of the Refer containers and products as well as the ships under default leases. They have likely been destroyed by Hanjin which would be malicious and a tort under US Law as well as the UCC. Any damage to property at this point should warrant criminal charges if these products are stolen and sold on the black markets.
Hanjin has operated with bad faith and has held the shipping industry hostage to the tune of $125 billion dollars in disrupted trade. This is toxic for Korea which is an exporting nation. This will cost Korean’s more to ship their goods because the risk of dealing with Korean shippers has made dealing impossible.
Location of all ships need to be disclosed immediately and US Courts and Korean Authorities need to see that these Cargoes can be received by the original shippers.