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Hanjin Filing for Court Receivership – August 31, 2016

On August 30th 2016, creditors made a decision not to extend financial support to South Korea Hanjin Shipping Co. beyond the end of its restructuring scheme on September 4th.

In a statement to customers issued today, Hanjin Chief Executive, Mr. Moo‐Kyoon Oh said that “it would be inevitable for the Company to file for court receivership”. It was confirmed by media that indeed Hanjin Shipping Co. Ltd applied for court receivership today.

While DB Schenker has made all efforts to protect our Customers by immediately ceasing all bookings with Hanjin, in the event of the bankruptcy, there is a possibility of ship arrests that could restrain immediate access to the containers previously booked and currently on board of those vessels.

This situation may force a declaration of Force Majeure and the arrested ships / containers could incur additional charges such as (but not limited to), port and terminal demurrage, equipment detention, equipment repositioning charges, etc, which, if assessed by the entities involved, will be for the account of Shippers / Consignees listed on our Bills of Lading.

Meanwhile, we are working diligently to take possession of all of our Customers’ shipments as they arrive and become available at destination or as they are awaiting vessel at origin ports. It is our first priority to minimize the impact to our Customers.

If you need further information, please do not hesitate to contact your Sales Representative.

DB Schenker

Hanjin Filing for Court Receivership

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Last modified: 31.08.2016

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