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The bankruptcy of Hanjin Shipping of Korea is causing major headaches for South Korea’s electronics giants Samsung and LG.
Reportedly, Hanjin is the seventh largest shipping company on the oceans, and there are concerns that while it is in the process of going through the long process of receivership protection (and it has already formally requested Court protection for its vessels to ensure they do not fall into the hands of creditors), some 68 of its ships (out of a fleet of 141) are “stranded” with nobody able to say who will pay for the cargoes to be unloaded.
Ships, and their cargoes, can be seized by creditors in advance of the shipping line seeking bankruptcy protection in the 40+ countries that it travels between.
Meanwhile, manufacturers such as LG and Samsung have their phones, TV displays, and other consumer devices either stuck on board, or on dockside containers, with no clear guidelines as to how the items can be forwarded to their destinations.