Friday, September 2, 2016

Korean bankruptcy proceedings leave container ship in stranded situation in Prince Rupert harbour

Financial decisions taking place half a world away involving one of the world's largest shipping lines are washing ashore in Prince Rupert this week.

South Korea's Hanjin Shipping, a major conduit of world trade and one of the container lines that regularly services the Fairview Container Terminal is currently involved in ongoing bankruptcy issues, a situation that has left the container vessel Hanjin Scarlet anchored in Prince Rupert harbour awaiting further direction.

The Hanjin Scarlet is currently listed as anchored in
Prince Rupert harbour (green diamond) as it awaits further
instructions related to financial issues with its parent company

In a media release from Wendesday, the Prince Rupert Port Authority outlined the status of the shipping line and the impact that the receivership proceedings are having on its operations both world wide and for shipments through Fairview Terminal.

The Port noted through its statement that upon its arrival at Prince Rupert harbour on Tuesday evening, the Hanjin Scarlet had been directed towards an anchorage position in the harbour, which is where it remains as the courts in Korea and shipping officials world wide try to bring the entire situation to some sense of closure.

"The Port of Prince Rupert, together with its partners DP World and CN, are in communication and are actively working to realize a resolution to the situation."

Canadian National Railway, which provides the sole transportation system in and out of Fairview Terminal also issued a statement on Wednesday, providing the railways plan of operation when it comes to shipments from the Hanjin shipping line.

"CN will not accept any additional Hanjin export loads at our inland terminals going forward and at this point until further notice, will not accept any bookings from other steamship lines destined for Hanjin owned vessels."

That may not be as quick a fix as many might hope however, much of the business media of the last few days have provided further details on just what is at stake with the bankruptcy of the world's seventh largest shipping line, with many observers noting that this could be a very long process as opposed to one that is resolved in short fashion.

The majority of the cargo that is aboard the various inbound ships of the Hanjin line is reported to contain products destined for North American retail outlets, with September a busy season for those importing goods into North America. Back to school items and Christmas related merchandise is among some of the products currently in a state of limbo while the financial details are worked out across the Pacific trade routes

Beyond those goods that are currently trapped aboard the three year old Panamanian flagged vessel waiting for instructions as to their delivery status, there is also a human element for many to consider as the vessel sits at anchorage in the harbour.

Aboard the vessel currently at anchorage heading into the North American Labour Day weekend is a crew of ships' workers, all of them with no idea at the moment what their fate may be, or more importantly when they may be back in transit to their home ports.

The Hanjin Scarlet remains at anchor across from Rotary Waterfront Park in
Prince Rupert at mid afternoon on Friday

Some background on the Hanjin bankruptcy issues can be found below, we'll update the listings as other notes become available:

Updated Items on Hanjin Scarlet in Prince Rupert:

October 28 -- Hanjin's Bankruptcy almost starved this Stranded Ship Crew
October 28 -- Harbour Headline: The Hanjin Scarlet situation (audio)
October 27 -- Hanjin cargo shop socks in Vancouver after weeks of uncertainty
October 27 -- Hanjin freighter finally allowed to offload cargo after weeks-long isolation
October 27 -- Hanjin Shipping vessel docks in Vancouver
October 26 -- The Hanjin Scarlet, Under arrest and Under Way
October 25 -- 'Like house arrest on a ship': legal limbo strands Korean crew in Canadian waters
October 25 -- The Hanjin Scarlett is in Vancouver and some crew will return home
October 25 -- Food is dwindling, medical supplies are running out on board the Hanjin Scarlett (audio)
October 11 -- Seized cargo ship remains in outer harbour
September 16 -- Hanjin Scarlet and crew detained in outer harbour
September 16 -- Hanjin container vessels detained in British Columbia waters  NCR
September 9 -- Maersk line looks to pick up some of Hanjin's Asia Pacific business NCR
September 7 -- Hanjin Scarlet begins unloading process at Fairview Terminals  NCR
September 7 -- Stranded Asian ship finally berths in Prince Rupert
September 7 -- Hanjin Shipping Bankruptcyn  vessel in Prince Rupert begins unloading
September 2 -- Hanjin ship stuck in receivership limbo at Prince Rupert will be unloaded

The local impact

Container ship left in Prince Rupert as owners go bankrupt (audio)
Giant container vessel stuck in Prince Rupert, company in receivership
South Korean cargo ship sits off Prince Rupert after company's financial woes
A South Korean cargo ship is sitting idly in a B.C. port while company struggles financially
Hanjin Shipping company files for Bankruptcy Protection
Hanjin Scarlet Stranded in Prince Rupert (video)

The world view

October 13 

Hanjin Shipping puts Asia-US shipping network up for sale
South Korea's Hanjin shipping to sell major businesses
Hanjin Shipping's Asia-U.S. route assets to be put on Sale
Hanjin shares jump 25% as US assets go on sale
Korea Court to Get Final Bids for Hanjin Asset by early November

October 12 

Thousands of Hanjin boxes still stranded outside LA-LB port
Port of Long Beach cargo volume down after Hanjin collapse
Idle container ship fleet grows in Hanjin aftermath
Idle containership fleet swells with redelivered Hanjin vessels
Hanjin Bankruptcy causes nearly 17 percent drop in container volumes in September

October 7 

Hanjin chariman blames collapse on banks, creditors, governments

September 29 

Some Hanjin boxes find a home in Southern California

September 28 

China's COSCO Shipping may consider buying Hanjin Shipping's port assets
Two more Hanjin assets set to call NY-NJ
Hanjin could cost U.S. truckers thousands of dollars
C. H. Robinson's Wiehoff calls Hanjin crisis 'wake up" call
South Korean Court considering Sale of Hanjin Shipping
Global containership alliance to sail on without Hanjin
No respite for Hanjin on World Maritime Day

September 23

Financial impact of Hanjin collapse downplayed in B.C.

September 17

Two dozen crew on container ship stranded off Victoria

September 15

Hanjin shipping vessels now under arrest off BC coast over 3.6 million in unpaid bills
Shippers question why Hanjin ships call some US ports but not others

September 14

More carriers deploy extra loaders to grab Hanjin market share
Hanjin still short of funds to offload cargo

September 13

Container shipping distress signals

September 12

Hanjin Collapse: Shippers look to fill gaps

September 11 

Shipping heavyweights Maersk, MSC to fill Hanjin's gaps in trans-Pacific

September 9 

Hanjin crisis in Canadian ports
Hanjin ship call at Long Beach lifts US importer hopes
Samsung asks U. S. court to help remove 'Ghost cargo' from Bankrupt shipper
Hanjin cargo ship stranded off California finally unloads

September 8

Hanjin Shipping Set to be Holiday Season scrooge
Kimchi at sea: Hanjin cargo woes deepen as bank cool to plea for funds
Hanjin Shipping impact to last for months, USDA says
Hanjin seeks funds to free stranded cargo worth $14bn
Hanjin is scrambling to move about $14 billion in stranded Cargo
Hanjin Shipping Troubles Leave $14 Billion in Cargo stranded at Sea
Hanjin's bankruptcy is just one of the world's shipping woes
The Shipping Noose
The 'ghost fleet' of cargo ships with nowhere to go is going to hurt a lot of US companies
South Korea to send 20 ships to rescue Hanjin boxes
Hanjin bankruptcy: Are South Korea's 'chaebols' in crisis?
Hanjin Bankruptcy: a Harbinger for the Global economy?

September 7 

Stranded artist says crew on Hanjin freighter have been told to conserve food and water
Hanjin Shipping's collapse likely to hit Christmas shoppers, postage
Hanjin collapse rattles global supply chain

September 6 

Samsung says $38 million of goods on board Two Hanjin Vessels
U.S. judge grants Hanjin temporary protection from U.S. creditors
Hanjin diverts 61 container ships disrupted by its receivership to ports where they cannot be seized
Trans-Pac container lines add extra loaders after Hanjin collapse
Empty Hanjin boxes stumbling block for drayage providers

September 1 

South Korean shipping firm's vessels stranded after filing for court protection
Hanjin Shipping files for receivership, as ports turn away its vessels
Hanjin ships, cargo and sailors stranded at sea
South Korea's Hanjin files for Bankruptcy, Leaving American Shippers in the Lurch
Who will benefit from the break-up of the world's seventh largest line in terms of fleet capacity?
Hanjin Shipping Files for Receivership
Hanjin bankruptcy filing causes global shipping crisis, retail fears
Hanjin Shipping bankruptcy causes turmoil in global sea freight
Hanjin Shipping: One company with 2.9% market share roils global trade
South Korea's Hard Line on Hanjin Shipping Signals New Attitude
Cargo and sailors stranded at sea as Hanjin bankruptcy causes global shipping chaos
Shipshape? What you need to know about Hanjin's troubles
Hanjin shipping crew in limbo but well looked after in Port of Vancouver
The Hanjin Shipping Collapse has left half of its vessels stranded
The good, Bad and Ugly of Hanjin
Hanjin Shipping receivership affects Seaspan Corp's charter operations

More items related to operations at the Port of Prince Rupert can be found on our archive page.

No comments:

Post a Comment