Samsung Electronics Company has announced that it has US$38 million in goods and parts stranded on board two Hanjin vessels that have been stuck since the shipping company declared bankruptcy in late August, 2016, reported Bloomberg.
In a court ruling on Tuesday September 6, 2016, Samsung said that they support the chapter 15 Bankruptcy petition, which is instated to handle assets once liquidation has occurred, and claim that any further delay in being allowed to dock vessels and retrieve cargo will create exponential growth of losses for the company.
Hanjin’s assets in the US have been provisionally ruled as protected and the shipping company continues to reorganise in its country of origin, South Korea.
Hanjin has filed for Bankruptcy after not being able to recover a debt of over $5.4 Billion and many of its vessels remain stranded with its cargo as ports refuse to handle them.
Hanjin Group recently offered a loan of $90 million to the shipping company in a move aimed at quelling at least some of its financial strain.
However, shipping consultants Drewry believe that this will only have short-term effects and help to iron out difficulties in the supply chain.