Hanjin Creditor Cleared to Sell Containers

After consistent speculation regarding the sale of the now defunct Hanjin Shipping’s containers, a US Judge has cleared Maher Terminals to sell Hanjin containers from its New York-New Jersey terminal in order to pay off claims owed by Hanjin, according to The Wall Street Journal.

Hanjin Shipping has been a major casualty of the industry downturn which has long plagued the sector.

Its containers have been causing a severe backlog for Maher Terminals, which runs the Port Authority of New York and New Jersey’s marine terminals and is one of the largest multi user container terminal operators in the world.

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It asked for permission to sell Hanjin containers in February 2017 as valuable space was being taken up that was needed for offloading containers from ships arriving into the ports.

Hanjin now owes more than US$3 million in penalties and storage fees on 256 containers taking up space at Maher Terminals’ docks.

The containers have been estimated to reach $1,000 each if sold in bulk.

A US Federal Maritime Commissioner recently called for carrier alliances to ensure safeguards for cargo in the case of another bankruptcy like Hanjin Shipping.