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.
Sources said the South Korean liner carrier will lay off about 180 members of its 500 person workforce in the United States on Friday.
DSF said it expects intra-regional trades to grow in importance at the expense of the main east-west trades.
The South Korean ocean carrier has started discharging cargo in Long Beach following a court order from a U.S. bankruptcy court on Friday to protect the carrier.
The containership charterer said in a filing with the U.S. Securities and Exchange Commission last Thursday that past due accounts receivable from South Korean ocean carrier Hanjin Shipping had grown to approximately $18.6 million.
The International Longshoremen's Association has reversed an earlier decision, and agreed to once again work ships operated by the now insolvent South Korean ocean carrier.
The Federal Maritime Commission said Friday it concluded its review of the proposed OCEAN Alliance, allowing the new ocean carrier alliance to take effect Monday, although it is not expected to commence operations until around April 2017.
FedEx Express entered into an agreement with Korail Networks to utilize the Korea Train eXpress network to transport time-and temperature-sensitive healthcare shipments.
The Danish liner carrier has resumed service to Iran after a five-year absence and just a year and a half after the Maersk Tigris was fired upon by the Iran Revolutionary Guard Corps Navy.