2/9/2016

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To our valued customers and partners, 

We have received the attached press release today from Moon – Kyoon Oh - the Chief Executive of Container Liner Sales and Marketing for Hanjin Shipping.

In short, the Hanjin board decided unanimously on the move at a meeting in Seoul Wednesday and will file for receivership this afternoon, a spokesman said. The restructuring proposals submitted by Hanjin Shipping weren’t enough to address a cash shortage, main lender Korea Development Bank said Tuesday, dealing a blow to the revival efforts by a firm that’s been trying to reschedule debt under a voluntary creditor-led program since May.

The Wall Street Journal are reporting that the repercussions of Hanjin’s filing in Seoul were nearly instantaneous. Three of its ships that were scheduled to berth at the ports of Los Angeles and Long Beach, Calif., drifted off the coast Wednesday, their contents—bound for retail shelves, factories and warehouses—marooned indefinitely. Uncertainty about Hanjin’s future raised concerns that its ships could be subject to seizure by creditors, clogging the ports.

The situation still remains unclear as to what effect this will have however APL have announced an immediate stop to loadings on Hanjin Vessels. BRI are in constant contact with industry bodies and advocates and are monitoring the situation intently.

 

Keeping you updated,

BRi

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