Hanjin Shipping Co may be able to take the 4,300 empty containers currently stuck at the Port of Long Beach back to Asia after they have been stranded there since the company’s bankruptcy was declared on August 31, 2016, reported the Wall Street Journal.
Total Terminals International and Port of Long Beach still runs a container terminal for Hanjin, and since the company filed for court receivership there have been ships stranded off the coast and empty containers piling up on the US west coast, causing disruptions to operations across the board.
The Port of Long Beach is planning to use one container ship to move the 4,300 containers and take them to Asia, the port authority announced its expects this to happen over the next few days; wharfage fees are also being dropped.
Despite this recent victory, there are still many ports and shipping companies around the world struggling due to Hanjin’s demise, the Himalayan Times reported on November 3, 2016 that the Nepali traders are suffering as Hanjin shipments became stranded off the coast of Singapore, Colombo and Kolkata on their way to berth in Nepal.
The uncertainty over being able to pay their fees is preventing Nepalese authorities from allowing them to berth, causing tonnes of cargo to be lost at sea for months.
There are reports that the damage caused to the market by the collapse of Hanjin Shipping may be recoverable, as analysis of Q3 container shipping costs reveals positive trends for the beleaguered container carrier segment, according to Xeneta.