News
Tanker Rates Skyrocket To Fill Colonial Pipeline Shortages
By Elizabeth Low (Bloomberg) Oil tanker charter rates skyrocketed in the U.S. with refiners scrambling for ships to store fuel that has nowhere to go due to a cyberattack on...
South Korea Court: Hanjin to Declare Bankruptcy This Month
File photo shows Hanjin Shipping Co ship stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson
SEOUL, Feb 2 (Reuters) – A South Korean court said on Thursday it decided to end Hanjin Shipping Co Ltd’s court receivership process and expects to declare bankruptcy on February 17 after a two-week period for appeals.
The Seoul Central District Court said in a statement that it made the decision as the firm’s liquidation value would be worth more than its value as a going concern.
Hanjin Shipping, which had been the world’s seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support.
Swiss shipping group MSC said on Wednesday its unit has bought a stake in Hanjin Shipping’s U.S. port operator, the latest Hanjin asset to be sold. (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)
(c) Copyright Thomson Reuters 2017.
Sign up for our newsletter
Be the First
to Know
Join the 68,641 members that receive our newsletter.
Have a news tip? Let us know.
Related Articles
News
U.S. Gas Stations Run Dry As Pipeline Races To Recover From Hacking
Oil tanker charter rates skyrocketing in the U.S. with refiners scrambling for ships to store fuel that has nowhere to go. By Joe Carroll (Bloomberg) –Gas stations along the U.S. East Coast...
News
Colonial Pipeline – To Waive Or Not To Waive The Jones Act
By Salvatore R. Mercogliano, Ph.D. (gCaptain) The cyberattack upon the Colonial Pipeline on Friday, May 7, 2021 has resulted in the shutdown of a major conduit that provides 45 percent of...
