Embattled and bankrupt South Korean shipping giant Hanjin Shipping Co. is going to unload more of its ships that had been stranded at sea after the company abruptly filed for bankruptcy, according to The Wall Street Journal.
According to the report, 28 of Hanjin’s 97 stranded vessels have now been unloaded, while the South Korean government is said to be negotiating with port authorities in New York, Singapore and Mexico on more potential cargo unloadings.
But 34 Hanjin ships remain stuck at sea, and another 35 vessels are headed back to South Korea — although WSJ noted that it is unclear whether those ships are still carrying their cargo.
“Retailers’ main concern is that there is millions of dollars’ worth of merchandise that needs to be on store shelves that could be impacted by this,” National Retail Federation Vice President for Supply Chain and Customs Policy Jonathan Gold said in a statement earlier this month. “It is understandable that port terminal operators, railroads, trucking companies and others don’t want to do work for Hanjin if they are concerned they won’t get paid. However, we need all parties to work together to find solutions to move this cargo so it does not have a broader impact on the economy.”
Hanjin, the world’s seventh-largest shipping company by capacity, operates about 60 worldwide shipping lines and ships more than 100 million tons of cargo annually, although the company is actually part of an alliance of six shipping companies, further complicating its bankruptcy situation.