Hanjin Shipping Problems

The financial collapse of Hanjin Shipping has hit Seaspan Corporation with a double whammy. At present the company has three vessels under contract with value of C$363 million with the South Korean company that are in jeopardy and two Hanjin ships have been stranded one, the Hanjin Scarlet at the Port of Prince Rupert where it has been taken to anchorage rather than the port’s Fairview container terminal. At Port Metro Vancouver the Hanjin Vienna has been docked but the terminal operator Global Container Terminals, has refused to unload containers because of the company’s financial problems. Scott Robertson, Vancouver manager for CTC Logistics (Canada) Inc. said in a media statement that the biggest concern now is that Hanjin’s assets will be seized, including merchandise that would include “staggering numbers.” Hanjin has thee ships owned by Seaspan in port: the Hanjin Budha, the Hanjin Tabul and the Hanjin Namu. The Hanjin Vienna may either be moved to anchorage or rerouted to another port.