All Hanjin Shipping chartered vessels that have completed unloading their cargo have been told to cancel their charter agreements and return the ships to the shipowners, a South Korean judge said on Monday.
Hanjin, the world’s seventh-largest container line, filed for receivership last month, leaving more than 100 ships and their cargo at sea and threatening to snarl US freight traffic as the year-end shopping season approaches.
Dozens of Hanjin’s ships have been blocked from docking with ports and lashing firms fearing they won’t be paid. Some vessels have also been seized and some sold.
The company had a total of 141 vessels, including 97 container ships as of early September. Out of the 97 container ships, 60 were chartered and 37 owned by Hanjin.
The company returned three bulk carriers earlier this month, a Hanjin Shipping spokeswoman said on Monday.
In addition, four container ships have been returned to the shipowners as of Sunday, while Hanjin has received shipowners’ notifications to return 13 more container ships, another Hanjin spokeswoman said.
Current delays in unloading cargo are incurring more than US$2 million in charter fees daily, the judge in charge of liasing with media at Seoul Central District Court also told Reuters in a text message.
Last week, Hanjin secured $45m from its chairman and a former chairwoman to help unload an estimated $14 billion in cargo trapped on its ships but needs more money to pay port and trucking fees.
Korean Air Lines, the top shareholder of Hanjin Shipping, has been considering lending the shipper 60 billion won but the plan has run into resistance.
Korean Air’s board of directors met on Sunday to discuss the deal, including alternatives to Hanjin Shipping’s Long Beach Terminal stake being provided as collateral, but did not reach a conclusion, a Korean Air spokesman said on Monday.
Banks led by state-run Korea Development Bank withdrew backing for Hanjin late last month, saying a funding plan by its parent group was inadequate to tackle debt that stood at 6.1 trillion won as of end-June.
South Korea has said no government or central bank money would be directly injected into the firms restructuring in the ailing shipping and shipbuilding industries, though it is helping small-to-medium sized businesses hit by the restructuring.
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The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
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Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
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Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
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UAE currency: the story behind the money in your pockets
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
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Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
UAE currency: the story behind the money in your pockets
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
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5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
UAE currency: the story behind the money in your pockets
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
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Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
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