NY-bound 9,030-TEU Hanjin ship adrift in Red Sea, can't pay Suez toll
THE 9,030-TEU Hanjin Switzerland was turned back into the Red Sea when its management company said it would not pay the Suez Canal tolls in the wake of the Hanjin Shipping bankruptcy.
Elsewhere, Hanjin ships and cargo were stranded and fearful of seizure and or non-delivery of goods without paying profiteers exorbitant fees for onward passages.
In at the tip of the Sinai Peninsula, the Hanjin Switzerland, owned by Istanbul-based Ciner Ship Management, was suddenly unable to proceed to its New York destination. Fearful of seizure, it was reported to be "drifting south of the canal", said Lloyd's List.
Ciner Ship Management CEO Vasileios Papakalodoukas said Hanjin can't pay canal fees without permission from the Korean bankruptcy court and that the ship could be seized at any port of call without court protection.
"The most important problem is for the ships to unload the cargo. The question is whether they have enough money to do that," he said.
The court has appointed Hanjin CEO Seok Tae-Soo as the Receiver. He must now submit a financial report on September 28 and a rehabilitation plan on November 25 that will determine whether it survives.
Mr Papakalodoukas noted that two weeks' time should be enough to give vessel owners a clear understanding of where the company is headed and thus what lies ahead for their vessels.
Apart from Hanjin Switzerland, Hanjin has three Ciner vessels chartered in, the same-sized Hanjin Croatia, Hanjin Czech and Hanjin Hungary.
The three other vessels were in open sea when Hanjin filed for court receivership, and were ordered to proceed to their scheduled destination at a reduced speed, according to Mr Papakalodoukas.
Hanjin is due to pay September's charter fees by September 10. Should it fail to make that payment, Hanjin will be four months in arrears, said Mr Papakalodoukas. Ciner's four vessels have remaining average charter durations of seven and a half years.
Market sources report that each of the Ciner vessels is chartered at around US$37,500 per day, putting Hanjin's charter arrears at around $17.9 million. Based on the reported charter rate and the seven and half year average of future chartered contracts, Ciner has an exposure of over $410 million to Hanjin Shipping.
Elsewhere Hanjin containerships are being left stranded outside ports while shippers with freight to export are getting their boxes returned.
The 4,600-TEU Hanjin Scarlet is in Prince Rupert in Canada, but not being worked on by the port operator DP World, while both the 10,100-TEU Hanjin Greece and 4,000-TEU Hanjin Constantza were reported by FleetMon to be idling outside of Los Angeles and Long Beach where they had been scheduled to arrive 31 August.
"The Port of Prince Rupert, together with its partners DP World and CN [Canadian National Railway], are in communication and are actively working to realise a resolution to the situation," said the port authority.
CN said it would release all Hanjin import containers at its terminals while export boxes would not be loaded onto trains.
All Hanjin import containers will be released for pickup. This includes Hanjin containers on ground at CN inland terminals as well as containers currently moving on the CN network to CN destination terminals," it said.
"All Hanjin export units currently at CN inland terminals will not be loaded onto trains and can be picked up from the CN origin terminal."
CN Rail is not charging for storage of Hanjin boxes and will not accept further Hanjin export containers until further notice.
THE 9,030-TEU Hanjin Switzerland was turned back into the Red Sea when its management company said it would not pay the Suez Canal tolls in the wake of the Hanjin Shipping bankruptcy.
Elsewhere, Hanjin ships and cargo were stranded and fearful of seizure and or non-delivery of goods without paying profiteers exorbitant fees for onward passages.
In at the tip of the Sinai Peninsula, the Hanjin Switzerland, owned by Istanbul-based Ciner Ship Management, was suddenly unable to proceed to its New York destination. Fearful of seizure, it was reported to be "drifting south of the canal", said Lloyd's List.
Ciner Ship Management CEO Vasileios Papakalodoukas said Hanjin can't pay canal fees without permission from the Korean bankruptcy court and that the ship could be seized at any port of call without court protection.
"The most important problem is for the ships to unload the cargo. The question is whether they have enough money to do that," he said.
The court has appointed Hanjin CEO Seok Tae-Soo as the Receiver. He must now submit a financial report on September 28 and a rehabilitation plan on November 25 that will determine whether it survives.
Mr Papakalodoukas noted that two weeks' time should be enough to give vessel owners a clear understanding of where the company is headed and thus what lies ahead for their vessels.
Apart from Hanjin Switzerland, Hanjin has three Ciner vessels chartered in, the same-sized Hanjin Croatia, Hanjin Czech and Hanjin Hungary.
The three other vessels were in open sea when Hanjin filed for court receivership, and were ordered to proceed to their scheduled destination at a reduced speed, according to Mr Papakalodoukas.
Hanjin is due to pay September's charter fees by September 10. Should it fail to make that payment, Hanjin will be four months in arrears, said Mr Papakalodoukas. Ciner's four vessels have remaining average charter durations of seven and a half years.
Market sources report that each of the Ciner vessels is chartered at around US$37,500 per day, putting Hanjin's charter arrears at around $17.9 million. Based on the reported charter rate and the seven and half year average of future chartered contracts, Ciner has an exposure of over $410 million to Hanjin Shipping.
Elsewhere Hanjin containerships are being left stranded outside ports while shippers with freight to export are getting their boxes returned.
The 4,600-TEU Hanjin Scarlet is in Prince Rupert in Canada, but not being worked on by the port operator DP World, while both the 10,100-TEU Hanjin Greece and 4,000-TEU Hanjin Constantza were reported by FleetMon to be idling outside of Los Angeles and Long Beach where they had been scheduled to arrive 31 August.
"The Port of Prince Rupert, together with its partners DP World and CN [Canadian National Railway], are in communication and are actively working to realise a resolution to the situation," said the port authority.
CN said it would release all Hanjin import containers at its terminals while export boxes would not be loaded onto trains.
All Hanjin import containers will be released for pickup. This includes Hanjin containers on ground at CN inland terminals as well as containers currently moving on the CN network to CN destination terminals," it said.
"All Hanjin export units currently at CN inland terminals will not be loaded onto trains and can be picked up from the CN origin terminal."
CN Rail is not charging for storage of Hanjin boxes and will not accept further Hanjin export containers until further notice.