Thanx Capt Ted for engaging with me on such interesting topic. The way you describe it sounds complicated. Makes you wonder how anyone can profit with such a system in place.

Today I felt what Hanjin's collapse meant for the Average Joe: Korean post office refused to accept the box I wanted to send to Croatia, claiming that there were no sea/land carriers to take it there from Korea ("Haven't you heard? Hanjin has failed!") - and I wasn't in the mood to pay 150$ to ship a bunch of books by air mail...

> this vessel is chartered to Hanjin by Dohle

Well, its is more of a dry lease. The ship's commercial manager is Hanjin Shipping. Could be interesting to see what will happen to these assets.

This vessel is chartered to Hanjin by Dohle

Allan

I wanted to go check on Hanjin Newport terminal here in Busan; their online schedule listed "Hanjin Green Earth" for today's arrival.
However, brief AIS check confirmed that the vessel was adrift off Chinese coast. The fact that their main terminal site information was not updated tells me enough about their problems.

Matty, Ted thanks for the discussion

Forgot to mention,, on short time,,yes Maersk/MSC etc will like it,,as cargo existent can at least for a while be carried with less ships. But as the situation gets untangled, most probably back to same, and for the owners even worst, now they have to compete with the owners in charters,,which mean that the charter rates going more down but the freight rates could go at least for a period of time up.

Well Matty,, the main problem with bankruptcies are the banks. They own the ships and of course they want them running and not lay around. What they do, they give the ships usually to newly set up or already existing companies who manage them for the banks. Those companies of course don,t do that for free,, the banks have to offer them deals, for example no payments of principal or interest and a management fee. But that means also that suddenly a bankrupt company and their ships can compete cheaper against owners which survived until now without going under but paying still principal/interest. So,, Maersk will like it ? most probably not. Most ships of bankrupt companies do not disappear, they are somewhere kept running again and therefore the market as in getting better will not happen. For the still operating companies it is mostly even not better. To reload the container is in my pinion kind of blind of short sighted. Perhaps much better , contact the owners of the cargo and make a deal with them,, pay our port fee/handling fees etc,,and there is your container with the cargo.

What will happen to their vessels? Sell for scrap value? Surely they can't be sold on as there is already over-capacity.

As always very beautiful picture, but it is not good news Hanjin bankruptcy.
Best regards Antonio.

But good news for the likes of Maersk no doubt.

@cheers,her cargo almost be discharged yesterday,but according to the custom's latest requirement,all of cargo will be reloading again,it's really sad news to these cargo's shippers...

Looks like her cargo is handled. I guess soon she will be empty.
Great shot.
Cheers,
Roy