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Cargo from bankrupt Hanjin ship moving in U.S., new funds pledged
Source: Reuters
BUSINESS NEWS | Mon Sep 12, 2016 2:46pm EDT
Cargo from bankrupt Hanjin ship moving in U.S., new funds pledged
By Jim Christie and Joyce Lee | SAN FRANCISCO/SEOUL
A portion of the $14 billion in cargo trapped at sea by the bankruptcy of Hajin Shipping Co Ltd (117930.KS) began moving out of a California port on Monday as shareholders and executives of the South Korean firm pledged funds to help resolve the turmoil created by its collapse.
The Hanjin Greece, one of roughly a dozen of the company's ships destined for the U.S. West Coast, docked in Long Beach on Saturday after a U.S. bankruptcy court granted it protection and terminal operators agreed to take it.
Workers started unloading the Greece over the weekend, and on Monday trucks began moving the containers for distribution to retailers who are waiting for goods ahead of the busy holiday shopping season, said Teamsters spokeswoman Barbara Maynard.
The collapse of Hanjin under debts of $5.5 billion has caused havoc in global trade networks and a surge in freight rates. Some vessels have also been seized.
The unloading of the Hanjin Greece marked a step forward in clearing the bottleneck of clothing, furniture and other cargo meant for store shelves. But the ship carries only a fraction of the billions in goods on dozens of ships owned or leased by the world's seventh-largest container carrier.
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Cargo from bankrupt Hanjin ship moving in U.S., new funds pledged
By Jim Christie and Joyce Lee | SAN FRANCISCO/SEOUL
A portion of the $14 billion in cargo trapped at sea by the bankruptcy of Hajin Shipping Co Ltd (117930.KS) began moving out of a California port on Monday as shareholders and executives of the South Korean firm pledged funds to help resolve the turmoil created by its collapse.
The Hanjin Greece, one of roughly a dozen of the company's ships destined for the U.S. West Coast, docked in Long Beach on Saturday after a U.S. bankruptcy court granted it protection and terminal operators agreed to take it.
Workers started unloading the Greece over the weekend, and on Monday trucks began moving the containers for distribution to retailers who are waiting for goods ahead of the busy holiday shopping season, said Teamsters spokeswoman Barbara Maynard.
The collapse of Hanjin under debts of $5.5 billion has caused havoc in global trade networks and a surge in freight rates. Some vessels have also been seized.
The unloading of the Hanjin Greece marked a step forward in clearing the bottleneck of clothing, furniture and other cargo meant for store shelves. But the ship carries only a fraction of the billions in goods on dozens of ships owned or leased by the world's seventh-largest container carrier.
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Read more: http://www.reuters.com/article/us-hanjin-shipping-debt-usa-ports-idUSKCN11I03B
