Despite a US court ruling that Hanin’s ships could dock under provisional bankruptcy protection and a Rotterdam court setting ceilings for release charges, most global shippers are struggling to retrieve their consignments.
Authorities in China, Singapore and elsewhere are continuing to issue ‘fees’ against the release of cargo, with many also requiring deposits for the return of the empty container.
Hanjin Group is actively injecting cask and seeking additional funds to covers its liabilities, but there is a big gap between the two, which means that shippers will continue seeking recovery of their cargo at the earliest opportunity.
MIQ Logistics is working closely with all customers affected by the Hanjin collapse to obtain the release of theirs cargo with minimal delay or additional cost.
Reducing capacity by blocking sailings, removing vessels from the string and even moth-balling ships have had limited impact, as new tonnage continues to be added by carriers.
Hanjin’s bankruptcy has withdrawn a massive chunk of the trade’s current capacity and means that cargo owners will struggle to find guaranteed space in the current peak periods, which will continue to drive rates up as demand exceeds supply in the short term.
It is possible – though not probable – that Hanjin’s withdrawal might bring stability to the market, as supply and demand reaches an equilibrium where shippers and shipping lines might settle on an effective service at a viable price.
If you have any questions or concerns about this unfolding situation and how it might impact on your current or future business situation, then please do not hesitate to contact us directly.