Insolvent shipping company: Hanjin obtains loans for unloading ships

Stranded off California: Even this Hanjin freighter may currently not calling port.
Thousands of containers are stranded on Hanjin ships because the shipping company can not pay port charges. A loan that supposed to make possible. In the retail sector still worries grow.

The insolvent South Korean container shipping company Hanjin receives from its largest shareholder 60 billion won (49 million euros) so that for weeks stuck charge can be deleted on numerous ships. The Board of Directors of Korean Air had agreed to the release of the previously promised loan on Wednesday night, said a spokesman of the largest South Korean airline on Thursday. “The loan will be disbursed as soon as possible.” Korean Air belongs to the shipping company Hanjin Group.
The amount is part of a support fund of 100 billion won, which the Group of daughter Hanjin Shipping had agreed to provide. CEO Cho Yang-Ho had promised 40 Milliaden Won. The worth of goods valued more than twelve billion euros are currently stranded in ports and on ships at sea. Estimated 500,000 containers remain currently on the big freighters.
Whether the new funds sufficient to pay the fees for the discharge of vessels is still unclear. According to earlier estimates of a court which had in early September approved a proposal by the world’s seventh largest shipping company in insolvency administration, about 170 billion won are required to pay fees.
Fear of supply problems
The port of Rotterdam has almost resigned despite the announced loan: “The debt it is very unlikely that we will ever see our money,” said spokesman Sjaak Poppe.
Overlooking the holiday shopping season, meanwhile, the fear of supply problems springing up at dealers. Particularly affected are electronics retailer and those that sell consumer goods. For the holiday season is the most profitable time of year for them. “Black Friday is coming soon,” says the head of the household appliances division of Television and smartphone manufacturer LG, Cho Sung-Jin. The day after the American holiday of Thanksgiving in late November brings out traditional for a consumption binge.

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LG had been carried from Hanjin ten to 20 percent of its North American freight. “I’m not sure if we can serve with our current inventory demand,” Cho Sung-Jin said.
Even Samsung, the largest smartphone maker in the world is affected: He cares about goods on two Hanjin freighters valued at the equivalent of around 34 million euros. And in Beijing, the Asia director of Grill Maker Weber, Stephen Zhu, sent to customers in Los Angeles and Australia new product because he did not know when Hanjin will deliver two containers of grill worth about 700,000 euros.