Fall From Grace: Hanjin Shipping Timeline


Hanjin's demise has been well-documented by the industry in the past weeks. With this in mind, PTI has put together a timeline of the key events that have led to the shipping line's collapse.

21. Hanjin in Massive Terminal Sale

Reports break of Hanjin selling Busan Terminal to raise money after financial losses

20. Hanjin and Hyundai to Merge

Confirmation is announced that the South Korean government had asked Hanjin Shipping and Hyundai Merchant Marine to merge

19. Hanjin HMM Merger in Jeopardy

Kim Young-Suk, Minister of Ocean and Fisheries for South Korea advises against the Hanjin and Hyundai Merchant Marine merger

18. HMM-Hanjin Merger Vital For Survival?

It is reported that the Hyundai Merchant Marine and Hanjin merger could be with the intention of saving the companies after heavy losses

17. Hanjin-HMM Look to Form Survival Alliance

It is announced that Hanjin and Hyundai Merchant Marine are intending to form an alliance to ensure the survival of the companies

16. Hanjin Shipping Calls for Financial Aid

Hanjin calls for help for debt restructuring from terminal operators and its fleet owners

15. Hanjin Shipping Set for Major Recovery?

PTI reports that Hanjin has seen a slight recovery as it climbs 6% in a week

14. Seaspan Denies Hanjin Rate Request

The request from Hanjin to have its charter rates lowered in a bid to recover financially is denied by Seaspan Corporation

13. Creditors Demand Hanjin Cash

Hanjin comes under pressure by its creditors to generate more cash in the face of overwhelming debt

12. Hanjin Shipping Faces Bankruptcy

The first announcement is made that Hanjin Shipping is facing bankruptcy if the debt relief programme is unsuccessful

11. Terminal Buyout to Salvage Hanjin?

In a bid to recover finances, Hanjin considers the sale of its Port of Long Beach terminal for the price of US$90 million

10. Hanjin Struggles With Self-Rescue Plan

The deadline of the repayment of $1 billion in debt to Hanjin’s creditors fast approaches and it is reported that Hanjin is struggling to find the money

9. Hanjin Creditors Threaten Receivership

Hanjin’s self-rescue plan has fallen short and as it is announced they have been unable to raise the $1 billion they face receivership

8. Hanjin Shipping Rescue Refused

Hanjin Shipping has its latest self-rescue funding plans rejected by all its creditors, one of which is the state run Korea Development Bank

7. Hanjin Faces Court Receivership

As Hanjin is officially facing court receivership, reports begin coming in that ports begin denying access to Hanjin vessels

6. Hanjin Ships Stranded at Major Ports

Hanjin ships are both stranded off shore at major ports and being held in ports but are not being handled

5. Hyundai Merchant Marine Buys Hanjin

The core assets of Hanjin Shipping are bought by Hyundai Merchant Marine

4. Cargo Prices Skyrocket for Hanjin Shipments

The sport container freight rates spike as much as 42% through Asia due to the collapse of Hanjin

3. Hanjin Appeals for Global Ship Protection

Hanjin looks to secure stay orders in 43 countries to protect vessels

2. Hanjin Owner to Safeguard Supply Chain

Hanjin owner provides $90 million to the shipping line to prevent further global supply chain disruptions

1. Samsung Stuck in Hanjin Chaos

Samsung Electronics claims $38 million in stranded cargo on board Hanjin vessels

Daily Email Newsletter

Sign up to our daily email newsletter to receive the latest news from Port Technology International.

Supplier Directory

Find out how to get listed

Webinar Series

Find out how to attend

Latest Stories

Cookie Policy. This website uses cookies to ensure you get the best experience on our website.