The South Korean ocean carrier filed for recognition of its Korean insolvency proceeding in the United States Friday in the U.S. Bankruptcy Court for the District of New Jersey and the court ordered a hearing on the request for Tuesday.
The South Korean ocean carrier has reached a deal with containership charterers and other creditors, according to Korean media outlets.
A survey conducted by American Shipper revealed that 40 percent of participants believe the most likely outcome of Hanjin’s predicament is that its assets will be liquidated and acquired by multiple carriers.
The shipping industry is being roiled by Hanjin’s decision to file receivership, with spot rates surging, cargo being stranded on vessels, and now lawsuits are being filed by shipowners.
APL Logistics said its employees are retracting earlier statements they made last week regarding "K" Line's financial position.
U.S. gross domestic product increased 1.4 percent in the second quarter of 2016, according to the “third” estimate from the Department of Commerce, following a revised increase of just 0.8 percent in the first quarter.
Rep. Jaime Herrera Beutler, R-Wash., sent a letter to the heads of the Department of Transportation, Federal Railroad Administration and Pipeline and Hazardous Materials Safety Administration asking DOT to study potential methods for reducing the combustib