September 2nd, 2016

Hanjin Bankruptcy Update

The FMC issued a statement on the Hanjin Bankruptcy. Click here for update.



The AgTC does not endorse attorney. The following attorneys have provided their contact information. AgTC will be updating this information.

R. Isaak Hurst
(206) 992-0710

Dong-Hee Suh- Suh & Co.
Seoul, South Korea

Cameron Roberts
Direct # 310-448-2997


American Shipper; The after effects of Hanjin’s decision to file Bankruptcy

Wall Street Journal; South Korea’s Hard Line on Hanjin Shipping Signals New Attitude

Journal of Commerce;’ US marine terminals take varied approach to Hanjin fallout

Journal of Commerce; Claims against Hanjin flood in as customers seek their cargo

Journal of Commerce; HMM deploys ships to pick up stranded Hanjin cargo

American Shipper; Rate spike anticipated following Hanjin receivership filing

Port of Virginia; Billing Hanjin Chassis

American Shipper; Nearly three in four shippers have cargo on Hanjin vessels

Journal of Commerce; Hanjin cargo idled until cargo handlers get paid

Los Angeles Times; Hanjin bankruptcy disrupts shipping at L.A. and Long Beach ports

Westbound GRI increased $50 after Hanjin Announcement. Click here for update.

Maesk announced a Transpacific Eastbound GRI on 8-31-2016 . Click here for update.

Received from a source:

As of 8 AM Eastern August 30.

After some earlier positive news this week about Hanjin renegotiating their debt, mainly through charter renegotiations, their main creditors are not supporting the most recent financial rescue plan leaving Hanjin financially exposed and close to bankruptcy. While the situation could possibly change for the better, Hanjin has already advised this morning the following information. At this time it is recommended that you do not book any cargo with Hanjin until further notice. If you have pending bookings with Hanjin that have not been picked up or received for shipment by Hanjin based on your booking instructions, it is STRONGLY recommended to find an alternative carrier as soon as possible. Additionally, if you have cargo already (just received) in the possession of Hanjin, please watch those shipments closely with both Hanjin staff and staff at our destination offices and/or agents.

As of this morning, Hanjin confirms the following to this writer.

+ Bookings are being taken by Hanjin.

+ At this time, Hanjin cash against docs is the approved form of payment and Hanjin is issuing only board bills of lading.

+ Credit terms do not currently exist until further notice.

+ No wastepaper / scrap (not an issue for us) Hanjin is going to provide

+ updates later today. They are having an internal conference call later this morning 0830 central time (10 minutes from now) based on internal message from their USA RVP.