Hanjin Shipping collapse timeline

The scale and complexity of the fallout from the receivership filing means that the Hanjin Shipping story will continue to develop for many months, if not years.

Below is a timeline of the Hanjin Shipping collapse for ease of reference.

 

10 October – Two Hanjin Shipping vessels were allowed to call at China in Yangshan port for the first time since the shipowner’s bankruptcy: Two Hanjin boxships allowed to berth at China’s Yangshan port

 

7 October – Since the 22 September a steady stream of Hanjin vessels have berthed in Singapore, shippers have to a pay SGD5,000 deposit get import containers though: 14 Hanjin Shipping vessels have berthed in Singapore so far

 

5 October – Hanjin chairman likens container shipping rate war to a “game of chicken”, which they lost: Hanjin Shipping lost ‘game of chicken’ with other container lines in price war

 

29 September – Cosco is eyeing Hanjin’s container terminal business: Cosco Shipping may buy Hanjin Shipping’s port assets

 

20 September – Hanjin Shipping set to return all of its 65-chartered in vessels once the have manage to discharge cargo: Hanjin to return all chartered in vessels

 

16 September – Singapore courts join US and UK in recognising Hanjin’s bankruptcy protection filing in Korea: Singapore courts grant interim stay order for Hanjin Shipping

 

13 September – Seaspan chief Gerry Wang sees the Hanjin bankruptcy as a Lehman Brothers moment for shipping and like a nuclear bomb going off: Seaspan chief Wang sees Hanjin bankruptcy as shipping’s Lehman Brothers

 

10 September – A US bankruptcy judge grants a protection order that will allow Hanjin ships to dock at US ports without fear of arrest: Hanjin gets US protection order to allow vessels into port to unload

 

9 September – A report by the US Department of Agriculture warns of disruption to shippers for two – three months: Disruption at US ports due to Hanjin collapse to last two – three months

 

9 September – A report by the US Department of Agriculture warns of disruption to shippers for two – three months: Disruption at US ports due to Hanjin collapse to last twp – three months

 

7 September – Hanjin is granted interim bankruptcy protection in the US, has to return to the courts on Friday: Hanjin Shipping wins temporary bankruptcy protection order in the US

 

6 September – Hanjin to get $90m in emergency funding from parent to unload vessels stranded around the world: Hanjin gets $90m lifeline as it seeks to offload vessels at three ports

 

5 September – Hanjin moves to stop it vessels being arrested if they berth in the US: Hanjin Shipping files for US bankruptcy protection

 

2 September – Alliance and service partners move quickly to suspend or terminate joint services: Evergreen distances itself from distressed alliance member Hanjin Shipping and CMA CGM ditches Hanjin partnership on five services

 

1 September – In the wake of the receivership filing chaos ensues in the global supply chain as Hanjin vessels are stranded around the globe: Hanjin Shipping vessels and containers left stranded

 

31 August – One day after creditors pulls support Hanjin files for court receivership sending shockwaves through the industry: Hanjin Shipping to file for receivership in biggest ever boxshipping bankruptcy

 

30 August – The knell sounds as the Korean Development Bank pulls its funding support: Bankruptcy looms over Hanjin Shipping as creditors halt funding

 

16 August – Hanjin’s losses continue to mount in the second quarter: Hanjin Shipping loss widens to $433m in first half

 

11 August – More bad news for Hanjin as the state aid is not forthcoming: South Korean government rules out financial aid for Hanjin Shipping

 

27 July – Signs that all is not going well with Hanjin restructuring as shipowner Seaspan makes clear it won’t agree to cut charter rates: Seaspan stands firm on not cutting rates

 

16 May – Hanjin revealed a hefty first quarter loss: Hanjin hit loss of $222m in Q1

 

4 May – Things were looking promising with Hanjin receiving creditor approval for a voluntary restructuring: Hanjin Shipping gets creditors’ approval to restructure.

 



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