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Korean Air approves funds for unloading Hanjin cargo

  15.09.2016    

Korean Air Lines, the biggest shareholder in Hanjin Shipping, said it will provide KRW60 billion (US$53 million) to ease a supply-chain disruption after Hanjin filed for bankruptcy, reports Singapore's Straits Times.
The flag carrier only will give the money after Hanjin Shipping puts up its stake in a terminal in Long Beach as collateral, Korean Air said.
The money will be used for payments to unload cargo from some of Hanjin's vessels that have been stranded in North America, Europe and Asia after Hanjin filed for receivership.
Hanjin Group, which controls Korean Air, had said it would provide KRW100 billion, including KRW40 billion from chairman Cho Yang Ho.
South Korea's ruling Saenuri Party also asked the government to offer about KRW100 billion in low-interest loans on condition the owners provide collateral.
Hanjin Shipping operates the Long Beach terminal in partnership with Mediterranean Shipping.
It remains unclear whether the badly indebted company could provide matching collateral.
About US$14 billion worth of cargo for companies such as Samsung Electronics is stuck on 92 Hanjin vessels, including 78 containerships, stranded at 51 ports in 26 countries.
Some companies have unloaded their cargo from the vessels and are looking at alternative ways to transport their goods, according to the authorities in the South Korean port city of Busan.
Container lines including Hyundai and Maersk are offering extra services to take on some of Hanjin's containers left stuck at ports.
The bankruptcy of Hanjin Shipping, if it happens, would be by far the largest in the history of container shipping, which is suffering its worst downturn in six decades because of a slump in global trade and a slowdown in China.



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