The South Korean Government announced its prediction that 90% of stranded cargo aboard Hanjin ships will be recovered by the end of October, 2016, reported BusinessKorea.
The government is giving Hanjin Shipping a further funding of US$144.99 million to help ease the logistics crisis, and that its main shareholder should shoulder any further costs of berthing and handling containers.
The further financial aid that Hanjin is set to receive comes from many other donors, including Korean Air and Korea Development Bank, who will provide a combined total amount of almost $100 million and Choi Eun-young, Chairperson of Eusu Holdings, who is donating almost $10 million.
PTI reported that Cho Yang-ho, Chairman of Hanjin Group, had announced that he would be providing funds to save the stranded cargo on Hanjin vessels; he is expected to provide approximately $36 million.
This announcement by the South Korean Government comes after it was reported that a Hanjin recovery is considered ‘impossible’ as the longer cargo remains stranded, the more debt the company is accumulating.
