Hanjin Bankruptcy Brings Chaos But No Capacity Cut

On Tuesday, creditors of the ship’s owners, Korea’s Hanjin Shipping, sought an order from a Singapore court arresting the vessel, in the hope of recovering what they are owed. Until the dispute is settled, the vessel is barred from departing. The Hanjin Rome is one of scores of ships worldwide caught up in the legal aftermath of Hanjin’s decision on Wednesday to become the first big container line in 30 years to seek bankruptcy protection. Another vessel, the Seaspan Efficiency, is waiting off the US port of Savannah, Georgia, unable to dock because the port authority fears it will not be paid. The Korea International Trade Association says 10 vessels have been seized in China alone. It may take months for owners of cargo trapped on board the affected vessels to retrieve their goods.