S. Korea’s Fleet to Save $14bn of Hanjin Cargo?


South Korea has announced it will send 20 container ships to rescue stranded Hanjin cargo with the aim of limiting damage to the shipping industry, reported Reuters.

With approximately US$14 billion in cargo left at sea after the Hanjin Shipping collapse, there are fears the fallout could reach far beyond the company itself.

CNBC reported that holiday shoppers were “very likely” to be affected, with shortages of presents and food products leading up to the Christmas period.

After Hanjin filed for court receivership on August 31, 2016 many container vessels and their cargo became stranded off shore or held in port without being handled as ports feared payments would not be made.

Many US and all UK ports are now accepting Hanjin ships, after reports that captains and their crew were facing dwindling food and water supplies.  

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