The asset sale for the now bankrupt shipping company Hanjin has kicked off with three of its ships being sold, and others being put up for purchase, reported Reuters.
Three bulk carriers were sold for approximately $39 million.
An estimated US$14 billion of cargo has been left stranded either at sea or at port, with vessels unable to dock or be handled by ports, Samsung Electronics reported that it alone had $38 million tied up on Hanjin Ships.
Some ships are being slowly accepted into certain ports, but with the volume of ships that need to be processed, it is creating a massive backlog of ships and containers.
The BBC spoke to Hanjin seafarers aboard stranded ships, for whom there has been much concern lately regarding food and water rations, and they have said they are shocked and saddened by the collapse of Hanjin and for their predicament.
Seafarers have been trapped on board ships, without any ability to reach shore, since August 31, 2016, away from their families and with limited supplies.
Hanjin Marine Maritime has announced it will be putting together a ‘min-alliance’ to fill the gap left by Hanjin Shipping.