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UPDATES 09/07 Hanjin Bankruptcy
 
The repercussion of Hanjin Bankruptcy can already be perceived in the market.

Indeed, we forecast a rate increase from other carriers. This crisis fell in the middle of the peak season and most of the carriers don’t have any additional space on their ships. Hanjin was moving over 10,000 FEUs per week in the eastbound transpacific trade.

It has been announced that several carriers are considering deploying “extra loaders” during September.  These “extra loaders” are designed to help clear the backlog of containers resulting from the Hanjin situation.

Secondly, containers which are on board Hanjin ships are for the moment blocked and apparently it will take a couple months in order to get the merchandise for discharge. If your goods are blocked, we recommend you to call your insurance provider, and also consider remanufacturing and getting deliver by air freight.

Please feel free to call Chris Liberty for more information about your options.
 
Here is what one of our partner send to our customer and we agree:

 
Dear valued customer/partner:
Yesterday night, South Korea’s Hanjin Shipping Co. Ltd filed for court receivership. If the application for receivership is accepted by the District Court in Seoul, it is possible Hanjin Shipping assets could be frozen while the court deliberates next steps.
These developments are having an immediate impact on ocean freight forwarding operations, particularly transpacific shipments inbound to North America. According to published reports, some ports are turning away Hanjin vessels, holding Hanjin freight at the container yard or refusing Hanjin shipments all together. Canaan Transport is aware of the situation and is following the rapidly changing developments closely. We are reviewing contingencies to address the needs of impacted customers on a case-by-case basis and to resolve any concerns.
In view of the recent news surrounding Hanjin Shipping and their decision to apply for court receivership, we have taken immediate action to insure minimal impact towards our clients.
- We have implemented an immediate mandate that our offices do not book with Hanjin and/or any CKYHE partner where Hanjin vessels are involved
- Existing bookings with Hanjin are being rebooked to alternate carrier/vessel (as such, possible delays are to be expected)
- The release of cargo discharged and/or currently on a Hanjin vessel will be confirmed once specific details from local terminals operators/rail terminals and/or other CKYHE partners become available.
This situation is of course beyond our influence or control. Therefore, without prejudice, we confirm our continued commitment to fulfil the contract of carriage and, as such, additional charges that may arise from this will be to the cargo owner’s account