Five of Hanjin Shipping's vessels are being held off Chinese ports as of September 26, according to a document posted by the South Korean carrier on its website.  Only two of the five vessels being held are owned by the South Korean shipping line. Three of the five are categorized as ‘arrested’ ~ vessels detained under court orders, per a Hanjin spokesperson.  They are the Hanjin Dusseldorf and the Hanjin Sooho at the port of Ningbo, and Hanjin Rotterdam at the port of Yantian. Another two ships are categorized as ‘vessel departure/arrival not available’ ~ vessels held by ports or…

As you are probably aware, Hanjin filed for bankruptcy protection in Korea on Wednesday August 31st. The filing came just a day after the company creditors discontinued financial assistance of more than USD $896 million to keep the company operating. The Korean bankruptcy court will determine whether Hanjin should be liquidated or given a chance to restructure. The press is reporting that one Hanjin vessel, the Hanjin Rome, was seized by a creditor in Singapore on Monday August 29th.  The press is also reporting that a number of ports, including ports in China (Shanghai, Xiamen), Spain (Valencia) and the United…

The South Korean line filed under the section of the bankruptcy code dealing with international bankruptcy in US bankruptcy court in the district of Newark, New Jersey, according to various reports. If Chapter 15 protections are granted, the seventh-largest container line will be shielded from liens on its assets and arrests of its ships in the United States.  If Chapter 15 is granted, shippers will still have to secure release of their cargo from Hanjin or third parties that are demanding payment from the carrier. The stay — triggered by the filing — doesn’t force transportation providers, including marine terminals,…