Hanjin's bankruptcy causes logistics chaos www.nhk.or.jp
The bankruptcy of South Korea's largest container carrier is causing logistics chaos in many countries.
Hanjin Shipping went under on August 31st. Since then, port operators in many countries have been refusing port calls of Hanjin's container vessels for fear of failing to receive port and cargo handling fees.
The South Korean government says 62 cargo carriers have dropped anchor in harbors or offshore.
The government is trying to provide financial assistance to Hanjin, in order to return 33 ships to South Korean ports, and allow 29 vessels to enter foreign ports for offloading.
The chairman of Hanjin Group, the shipping operator's parent conglomerate, has offered 37 million dollars of his own money to help cover costs.
Korean Air, the core business of the group, has also pledged aid of 55 million dollars.
The South Korean government estimates that all of Hanjin's container vessels will unload their cargo at the end of October at the earliest.
Published Date:2016-09-26