After companies filled claims to pick up their stranded goods in Hanjin ships, a federal judge ruled last week that the South Korean group must release cargo of the owners that are willing to bear with their shipments’ unloading costs.
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This action is simply reaffirming the guideline approved on September 9^th, which allowed companies to take charge of the situation of their goods in case Hanjin Shipping Co had no money to do so. Although it is a high cost, some companies would have less prejudice by paying for unloading fees than not having access to their goods in time for the end-of-the-year holidays.

Samsung, for instance, currently has an estimate of $38 million USD worth of goods in Hanjin’s ships. The electronics company was one of the many others that filed claims to have access to their shipments in the United States.

Hanjin Shipping Co. is now on the move to sell its stake in the Long Beach port as part of its efforts to raise the cash needed to stay afloat. The German company HSH Nordbank has announced today it would charter six container Hanjin ships for a long-term use, while Mediterranean Shipping Co. would charter other three vessels from the South Korean company.

Recap

After months of trying to raise liquidity and restructure its debt, Hanjin Shipping Co. filed for bankruptcy in early September. Since then, the logistics company stopped taking new shipments and left many of its ongoing operations stranded in the sea waiting for a resolution.

Hanjin’s bankruptcy resulted in the refusal of worldwide ports to handle the cargo from more than 45 ships. It is estimated that $14 billion USD worth of cargo is tied up globally in Hanjin ships, belonged to approximately 8,300 cargo owners.

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