CKYHE Members Shun Hanjin Shipping

Image Courtesy: Hanjin Shipping

After the South Korean shipping giant Hanjin Shipping, a member of the CKYHE Alliance, decided to file for court receivership, the remaining four members of the alliance have decided to cut all ties with the company.

Namely, Shanghai-based shipping company Cosco Container Lines, Japan’s Kawasaki Kisen Kaisha, Taiwanese Yang Ming and Evergreen Line said that their cargo will not be loaded onto vessels operated by Hanjin Shipping, and added that Hanjin’s cargo will not be allowed to load on the vessels operated by the remaining four members of the alliance.

Furthermore, with respect to cargo already booked on vessels operated by Hanjin Shipping, Coscon said that the company would arrange “smooth transfer to other service or lines operated by Coscon or other alliance members.”

Due to the prolonged depression in the shipping market, the financially troubled Hanjin Shipping decided to file for court receivership earlier this week.

Following the company’s move, Korean Financial Services Commission (FSC) said that the government “will promote sales of Hanjin Shipping’s core assets to Hyundai Merchant Marine in a bid to maintain competitiveness of the shipping industry.”

Namely, Hanjin’s compatriot shipping line Hyundai Merchant Marine (HMM) will acquire the company’s core assets such as ships, overseas sales network and key work forces to retain Hanjin Shipping’s competitiveness as much as possible.

Additionally, FSC said that HMM will deploy more than 13 vessels on Hanjin Shipping’s two America and Europe routes to minimize the effects of the company’s filing for court receivership.

Based on the Alphaliner carriers league, Hanjin is currently the world’s seventh largest container line. It operates a fleet of 98 cellular ships with a total capacity of 609,500 TEU. The company also operates some 44 bulk carriers and tankers, as well as 11 dedicated container terminals around the world.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>


<< Mar 2018 >>
26 27 28 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

Singapore Maritime Technology Conference and Exhibition (SMTC) 2018

The 3rd Singapore Maritime Technology Conference and Exhibition (SMTC) 2018 is organized by the Maritime and Port Authority of Singapore…

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >