30 Sep What to Expect from a Chapter 15 Proceeding
MARITIME LAW UPDATE – SEPTEMBER 30, 2017
As many readers are aware, one of South Korea’s largest shipping companies, Hanjin Ship-ping Co. Ltd. (“Hanjin”), has filed for bankruptcy. The insolvency of Hanjin, which is the world’s seventh largest container line, will have a significant impact on the global transportation and retail sec-tor. Shippers, charterers, freight forwarders, motor carriers, terminal operators, and commercial retail-ers are now scrambling to reroute $14 billion worth of cargo, which is packed into 540,000 containers, and loaded onto one of Hanjin’s 141 vessels (some owned some chartered). This logistical nightmare is exacerbated by the fact that these vessels call at every major maritime port on the planet. Indeed, Hanjin’s insolvency will cause significant disruptions to the global supply chain, including material de-lays in the delivery of retailer goods for this upcoming holiday season.