Hanjin Break Up Begins
Reports suggest that Hanjin Shipping has received bankruptcy court approval to sell assets against their $5.5 billion debt.
This may include the sales offices, overseas companies and port assets for their largest trade route, between Asia and North America.
There are also suggestions that they are talking to carriers regarding the sale of the 37 container ships they owned, with 5 of their largest ships being expected to be sold shortly.
Funds are expected to pay off creditors to assist the clearance of containers still stranded at ports around the globe.
Meanwhile, after the turmoil of the last few weeks there may be a silver lining for the remaining carriers on Asian routes. According to SCFI analysts this week; container rates are expected to continue on an upward trend over the current quarter and perhaps beyond.
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