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1.Market Observations, 5.Troubled companies, 8.Was Sticky

8 Sept 2016 (AFR) – Hanjin’s ghost ships seek havens as bankrupty action looms

(8 September 2016, AFR, p44, by Sohee Kim and Kyunghee Park)

‘South Korea’s cash-strapped Hanjin Shipping Co is adrift at sea – and in more ways than one. Hanjin is one of the world’s biggest shipping lines and filed for bankruptcy protection last week in Seoul. That’s created a bizarre situation on the high seas for 73 Hanjin ships that have been effectively marooned offshore as ports in the US, Asia and Europe have turned the company’s ships away. The worry is that Hanjin ships won’t be able to pay port fees or their contents might be seized by creditors, which would disrupt port operations.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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