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Container shipping market in turmoil after major Korean carrier applies for court receivership

South Korea’s largest container shipping group – Hanjin Shipping Co., has filed for court receivership after losing the financial support of its creditors. Shippers with freight on vessels operated by Hanjin should expect significant delays and added costs as interim provisions are made.

The negative impact will be industry wide as Hanjin has many vessel sharing agreements. Reports have been received that Hanjin vessels are already being refused entry into ports, or held at ports by the request of the Korean courts/receivers.

Containers scheduled for Hanjin vessels that have not yet departed are being held at port of origin so that alternative arrangements can be made.

CN has advised that Hanjin containers that are on ground at CN inland terminals, as well as containers currently moving on the CN network to CN destination terminals, will be released for pick up. CN will not accept any additional Hanjin export loads at their inland terminals moving forward and until further notice will not accept any bookings from other steamship lines destined for Hanjin owned vessels.

Based on this development, shippers should expect significant delays, higher prices and space issues as the marketplace adjusts to the loss of a major container carrier.

We will continue to keep you updated as developments occur and are working closely with our partners overseas on contingency plans to minimize delays.

If you have any questions concerning shipments booked with Universal Logistics and how they may be impacted by the above, please call (905) 882-4880, Debbie McGuire, Manager – Freight Solutions.

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