Hanjin ship unloads in U.S. as fresh funds pledged  

 

September-12-16

A Hanjin Shipping Co Ltd 117930.KS vessel is finishing unloading in California and scheduled to leave port on Monday, shipping industry officials said, as shareholders and executives associated with the South Korean firm pledged funds to help resolve the turmoil created by its collapse.

The Hanjin Greece docked in Long Beach on Saturday after a U.S. bankruptcy court granted it protection and terminal operators agreed to take it.

Truck drivers probably will begin moving containers from the Greece on Monday while the vessel prepares to leave late in the day for the Port of Oakland, said Teamsters spokeswoman Barbara Maynard and shipping traffic controllers.

However, the Greece carries only a fraction of the $14 billion in goods on dozens of ships owned or leased by the world's seventh-largest container carrier.

The collapse of Hanjin under debts of $5.5 billion has caused havoc in global trade networks and a surge in freight rates. Some vessels have also been seized....

This has been excerpted from the 12 September 2016 edition of Reuters Canada and is available in its entirety at

: http://ca.reuters.com/article/businessNews/idCAKCN11I03B

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