Hyundai Merchant Marine is deploying an as-yet unidentified containership from Busan to the US West Coast to relieve the logistics pinch caused by Hanjin Shipping’s entry into receivership.
Two major Korean exporters, Samsung Electronics and LG Electronics, booked 60% of the capacity on the vessel and full utilisation running over 90%, according to Bloomberg.
In total, HMM said it will deploy 13 extra services, four to the US and nine to Europe, to make up for the service shortfalls caused by Hanjin’s financial woes.
An estimated $14bn in cargo is in limbo aboard Hanjin ships across the world, according to Hanjin and court documents, due to the risk of seizure from Hanjin creditors once the ships dock. The Busan Port Authority said some shippers have managed to unload their cargo from the ships.
Samsung specifically disclosed that it has some $38m in cargo aboard Hanjin ships.
Read further TradeWinds coverage on Hanjin here and later today on the print edition.
