Troubled Hanjin's Fleet Shrinks to a Tenth of Its Size
- Hanjin now has about 14 vessels, mostly stranded or seized
- Fleet size has decreased to a tenth since bankruptcy filing
A worker stands as containers sit stacked on the Hanjin Gdynia cargo ship berthed at the Port of Long Beach in Long Beach, California, U.S., on Thursday, Sept. 15, 2016. Bankrupt Hanjin Shipping Co.'s efforts to unload vessels in the U.S. while it goes through bankruptcy in South Korea are meeting with complaints from cargo owners and from the companies that service and equip its fleet.
Photographer: Tim Rue/BloombergHanjin Shipping Co.’s fleet has shrunk to about a tenth of its size after the South Korean container line returned most of its chartered vessels to owners in the weeks following its bankruptcy filing.
All but three of the remaining 14 ships are either stranded or have been seized over unpaid bills. Hanjin once operated 97 box ships, including 61 that were chartered. As overcapacity depressed freight rates and Hanjin’s debt piled up, lenders pulled the plug on credit, prompting the company to apply for court receivership on Aug. 31. A preferred bidder for some of its assets is set to be announced Monday.