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1.Market Observations, 8.Was Sticky

13 Sept 2016 (AFR) – Hanjin collapse results in seizure of ship in Sydney

(13 September 2016, AFR, p3, by Geoff Winestock)

‘A container ship has been “arrested” in Sydney Harbour as the collapse of Korean-based Hanjin, one of the world’s biggest container shipping lines, spreads confusion around the world’s freight network. The Hanjin California could be stranded for some time at the Glebe dock in inner Sydney after Glencore Singapore won a Federal Court order impounding the ship over a debt owed for “bunkering”, or ship fuel. Hanjin, South Korea’s biggest container company with 97 ships, filed for bankruptcy protection in Seoul last month, leaving scores of vessels effectively stranded at sea.’

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