The after effects of Hanjin’s decision to file bankruptcy

http://www.americanshipper.com/Main/News/The_after_effects_of_Hanjins_decision_to_file_bank_65212.aspx?taxonomy=Ocean1 Following Hanjin Shipping filing for receivership, Hyundai Merchant Marine will start up two new services, one between Korea and the U.S. and one between Korea and Europe. By Chris Dupin |Thursday, September 01, 2016 (UPDATE:  Korea’s Yonhap News Agency reports that Korea’s maritime ministry estimates Hanjin’s financial problems may delay the shipment of 540,000 TEU and shipping goods may be difficult for three months. Yonhap also says Hanjin accounts…

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Possible Impacts of Hanjin’s Bankruptcy on Current Shipments

by: Edward D. Greenberg, NCBFAA Transportation Counsel As you are probably aware, Hanjin filed for bankruptcy protection in Korea on Wednesday August 31st. The filing came just a day after the company creditors discontinued financial assistance of more than USD $896 million to keep the company operating. The Korean bankruptcy court will determine whether Hanjin should be liquidated or given a chance to restructure. The press is reporting that one Hanjin…

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“Filing court receivership”

Dear Valued Hanjin Customer, On 30 August 2016, to our great disappointment, Korean domestic creditors’ committee (the “Committee”) made its final determination not to continue with the pending voluntary restructuring process (the “Voluntary Process”) to normalize the business of Hanjin Shipping Co., Ltd. (the “Company” or “we”), which involved a restructuring plan submitted by the Company that included certain financial commitments of Korean Air, the Company’s largest shareholder, and the…

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Hanjin Shipping Nears Bankruptcy After Creditors End Support

Creditors reject South Korean container operator’s latest funding proposals Hanjin’s container terminal in Busan in 2013. Hanjin is the world’s ninth-largest container shipping company by capacity. PHOTO: REUTERS By: IN-SOO NAM Updated Aug. 30, 2016 5:48 a.m. ET SEOUL—Creditors of one of the world’s major shipping companies, South Korea’s Hanjin Shipping Co., said they would no longer give it financial support, pushing the company close to bankruptcy. A Hanjin spokesman said the company’s board…

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Terminals in Ports of Los Angeles and Long Beach Move Start of Chassis Rule to September 1

LONG BEACH, Calif., Aug. 1, 2016 – The West Coast MTO Agreement (WCMTOA) has extended the implementation date of a new tariff rule for chassis services by one month until September 1. The rule applies to chassis owned by chassis leasing companies that receive services from WCMTOA’s marine terminal members at the Ports of Los Angeles and Long Beach. The chassis system in the United States has been in flux…

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Pier Pass Rate Increase Effective 08/08/16

LONG BEACH, Calif., July 8, 2016 – The West Coast VITO Agreement (WCMTOA) today announced a 1.9 percent increase in the Traffic Mitigation Fee (TMF) at the Ports of Los Angeles and Long Beach, scheduled to take effect on August 8, 2016. The increase will sustain continued operation of PierPass OffPeak gates amid labor cost increases. Beginning August 8, the TMF will be increased to $70.49 per TEU (twenty-foot equivalent…

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PCC Update on SOLAS

So much news and noise on SOLAS approaching the July 1 implementation date. Here is an update:   1.       Both the G6 Alliance carriers and the larger OCEMA group of carriers have issued statements that carriers will accept terminal weights in lieu of  VGM submission by the shipper/forwarder. Further, the G6 has announced that their carriers will accept the shipper-provided cargo weight required by law for cargo tendered to the…

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ITA Targets Sector-Specific Exports in 2016 Top Markets Reports

Each of the International Trade Administration’s (ITA) 2016 Top Markets Reports combine the latest data, historical trends, current challenges and comprehensive commentary on future opportunities to rank sector-specific global export markets for US companies. These reports are a part of ITA’s Top Markets series, launched in July 2015. The 2016 reports provide updated country rankings and analysis reflecting the latest industry, trade policy, and global economic developments. This year, the…

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SOLAS Container Weight Update

Fluid Situation, Update: IMO Extension/Delay of Implementation of SOLAS container weight mandate The World Shipping Council (WSC) ocean carriers advocated the IMO SOLAS container weighing amendment (with the Method 1 and Method 2), starting several years ago. The adoption of this Amendment became publicly and widely known here in the US, late summer 2015. The Methods both require that the terminal be given the total weight of the loaded container,…

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US OKs two alternative container weighing verification methods

Reynolds Hutchins, Associate Editor | Apr 29, 2016 12:30PM EDT WASHINGTON — The U.S. Coast Guard Thursday gave its stamp of approval to two alternative methods for obtaining certified container weights to comply with new international regulations: one proposed by agricultural shippers and another proposed by the South Carolina Ports Authority. The move paves an easier path for exporters, particularly agriculture shippers, but it’s not yet certain how container terminals and carriers will respond individually. The announcement…

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