- Title: Hanjin Louisiana docks in Singapore
- Date: 28th September 2016
- Summary: SINGAPORE (SEPTEMBER 28, 2016) (REUTERS) SINGAPORE PORT HANJIN SHIP AT PORT SIGN READING "HANJIN LOUISIANA" ON SHIP HANJIN SIGN ON SHIP CONTAINERS BEING LIFTED OFF SHIP VARIOUS OF HANJIN LOUISIANA AT PORT TRUCK DRIVING HANJIN CONTAINERS AWAY HANJIN HUNGARY (L) AND HANJIN LOUISIANA (R) AT PORT
- Embargoed: 13th October 2016 12:11
- Keywords: Hanjin Louisiana container ship docks port
- Location: SINGAPORE
- City: SINGAPORE
- Country: Singapore
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA00151HCY13
- Aspect Ratio: 16:9
- Story Text: Hanjin Louisiana docked in Singapore on Wednesday (September 28) after the largest shareholder of the company agreed to lend 60 billion won (53.96 million USD) to help unload the cargo that has been stranded since the world's seventh-largest container carrier collapsed late last month.
The collapse of South Korea's biggest shipping operator late last month has plunged the shipping industry into chaos ahead of the crucial year-end holiday shopping season as dozens of vessels and their crews wait for money needed to pay for port and handling fees.
The South Korean government said the money pledged by Korean Air Lines Co, Hanjin's largest shareholder, and additional support promised by executives associated with the firm should cover the costs related to the offloading of all Hanjin ships.
Hanjin Louisiana departed South Korea for Sri Lanka in May, but could not dock when Hanjin Shipping filed for bankruptcy on August 31.
South Korea will also announce new measures to bolster the shipping industry in October, which will include advice on how other shipping companies can avoid Hanjin's problems in the future.
Ninety percent of Hanjin's 97 container ships should have completed offloading by the end of October, the government said. Hanjin has begun returning leased ships to their owners, and some vessels have been sold.
South Korea's maritime ministry said it would work with shipowners and unions to help more than 1,200 crew members stranded on vessels Hanjin is responsible for.
The South Korean court overseeing Hanjin Shipping's receivership process said a sale of the world's seventh-largest container carrier is one of many options it is considering if the court concludes the company is to be rehabilitated.
- Copyright Holder: REUTERS
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