Hanjin files for bankruptcy, ships stranded - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Hanjin files for bankruptcy, ships stranded

(Source: WTOC/file) (Source: WTOC/file)

The world's 7th largest shipper has filed for bankruptcy, Hanjin, and this could mean a potential crisis for some cargo and container ships.

It’s reported that much of Hanjin's fleet is stranded at sea and this is because they're not able to unload. They're also in fear of being held at the ports for unpaid bills.

A federal judge granted the company bankruptcy protections from creditors in dozens of countries in hopes of minimizing seizures of ships and assets. NPR says some 500,000 containers are scattered all over the world and this number maybe even higher. And not to mention we are heading into the holiday season.

I've read that Samsung is actually trying to pay to get their merchandise off of a stranded Hanjin ship.

The international longshoremen's association says this affects the shipping industry all over the world.

"The cargo in the containers can be easily transferred to another company that means another line may pick up the boxes that they were coming to Savannah to get. It doesn't affect as much as it may seem. You know whenever a shipping company goes under it affects the shipping industry all over the world,” said Willie Seymore.

The Georgia Ports executive director says they're in it for the long haul and don't want to take advantage of customers, so there's a hiccup, but it shouldn't cause a long-term effect.

"We want those goods to get on the shelves for the peak season for the Christmas holiday and so the GPA has really stepped up to the plate and told all of our customers come get your cargo regardless of the fact that we're not being paid by Hanjin, we're going to absorb that,” said GA Ports Executive Director Griff Lynch.

Again, the Georgia Ports Authority says it is getting customers their cargo even though it's not getting paid by Hanjin and it is absorbing those costs to make it easy. This matter is also being sorted out in court.

Copyright 2016 WTOC. All rights reserved.

Powered by Frankly