In a bid to protect its vessels from being seized, Hanjin Shipping is looking to secure stay orders in 43 countries in order to protect its vessels, according to Bloomberg.
This follows news that the shipping line had filed for court receivership as a result of being able to repay debts that have amounted to US$5.4 billion.
To kickstart the stay order process, Hanjin is to make 10 applications this week, with the remainder set to be made in the coming weeks.
Park Moo Hyun, an analyst at Hana Financial Investment Co. in Seoul. “Retail investors are hoping for the best on false hopes.
“They think that government measures to help resolve the supply-chain disruptions could mean it’s also supporting Hanjin Shipping. They don’t seem to realize that that’s the wrong conclusion.”
PTI previously reported that the scenario with Hanjin has thrown into the question the financial stability of global carriers, while asking whether they can survive the ‘zombie’ era seen shortly after the 2008 financial crisis.
Despite these difficulties, Hanjin’s assets have been reportedly absorbed by fellow South-Korean carrier Hyundai Merchant Marine, with the intention of creating a merger between the two lines.