WSSA continues to monitor the Hanjin bankruptcy situation. Fortunately, our customers have had minimal exposure as we utilized Hanjin on a very limited basis due to the weak financial reports over the last year. While it is hard to predict if other steamship lines will follow the path of Hanjin, we continue our tactics of spreading our volumes and monitoring the financial health of our carriers. Should you have cargo caught in the Hanjin debacle, we are happy to assist in providing information or guidance if needed.
In the meantime, the ongoing Hanjin bankruptcy crisis continues to cause anxiety and frustration within the shipping industry. Currently, the steamship line is being pressured by chassis, container, and fuel providers to release information regarding the providers’ leased equipment still on the vessels. Some creditors are concerned that the Hanjin vessels will become compromised before they can exercise their lien rights on the stranded equipment.
Recently, Hanjin was able to give cargo owners a better idea of when certain stranded vessels will be released to discharge cargo, but progress is still slow in coming. Since the steamship line filed Chapter 15 bankruptcy, cargo owners have pushed to redeem their stranded cargo from terminals around the US. With loss and damage amounts mounting, the industry is eager to resolve this crisis and recoup their stranded equipment from the carrier.
Please contact us with any questions or concerns you may have regarding the Hanjin crisis and we would be happy to advise.