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Hanjin Shipping gets cash lifeline

Tuesday, September 13, 2016 - 01:42

The chairman of Hanjin Group has transferred $36 million to Hanjin Shipping to help unload cargo stranded on the troubled shipper's vessels, a spokesman says. But, as Ivor Bennett reports, regulators warn securing further funds could take ''considerable time''.

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BROADCAST AND DIGITAL RESTRICTIONS~** Broadcasters: NONE Digital: NONE Still afloat but for how much longer? The Hanjin Boston anchored off the Californian coast. One of two of Hanjin Shipping's fleet that have now been allowed into port after a US bankruptcy court's grant of protection. SOUNDBITE (English) KEN ODELUGA, MARKET ANALYST, CITY INDEX, SAYING: "It appears that the US is actually dealing with the situation pragmatically. Elsewhere around the world, we're still seeing some shut-outs. We're still seeing some very, very strict policies adhered to and essentially I'd say most of its business is still in lock-down, frozen." The Hanjin California for example has been held in Sydney for 10 days now. After Glencore Singapore filed a federal court order over unpaid bills. Some money has come in now - 45 million dollars from the current and former chairs of Hanjin's parent group. But the company still needs over 100 million more to unload all its stranded cargo. Securing that, regulators warn, could take considerable time because of the numerous interests. Some 93 vessels have been affected by Hanjin's collapse. But it's what's on board that really matters 14 billion dollars worth of goods either seized or simply stranded. SOUNDBITE (English) KEN ODELUGA, MARKET ANALYST, CITY INDEX, SAYING: "You've got to sort of think that it should impact retailers, even some of the larger grocers. Across the board, the sort of consumer electronic companies one would suspect would have goods carried by Hanjin." Hanjin has offered what it calls a deep apology to the many interested parties. More of a concern for them perhaps the potential depth of the crisis.

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Hanjin Shipping gets cash lifeline

Tuesday, September 13, 2016 - 01:42