More than 4,000 containers stuck in Vietnam after the bankruptcy of giant Hanjin

After the Korean shipping company declared bankruptcy, more than 4,000 Hanjin containers have yet to be released from Ho Chi Minh City ports, according to statistics from the Vietnam Maritime Administration.

Of the 4,122 Hanjin containers currently at Ho Chi Minh City ports, 50 are cargo containers and 4,072 are empty. In addition to inventory, Hanjin also owes118,000 USDpilotage fees of a business.

According to the Vietnam Maritime Administration, after the Korean shipping company declared bankruptcy, the agency has issued a document requesting Port Authorities, Cargo Owners Associations, Ship Owners Associations and businesses... to closely coordinate to closely monitor the situation of Hanjin ships and containers entering the port. Thereby, the Maritime Administration has made plans and arranged reasonable means to help import-export businesses receive and release goods quickly and conveniently.

Shipping giant Hanjin (South Korea) announced bankruptcy at the end of August. Photo: Reuters

According to assessments, import-export businesses in fields such as footwear, seafood, wooden products... as well as logistics businesses will be most affected by Hanjin's bankruptcy.

Hanjin currently accounts for about 5% of the freight market share in Vietnam. Every month, 11 of its ships enter and exit ports in Ho Chi Minh City, including Cat Lai Port, Tan Cang Hiep Phuoc Port and Vietnam International Container Terminal (VICT). In the Hai Phong area, Hanjin does not have direct cargo ships, only transit cargo.

Hanjin was the world's seventh-largest container shipping company before declaring bankruptcy on August 31. This is considered the largest bankruptcy ever recorded in the world's shipping industry, since the case of United States Lines in 1986.

The global shipping industry has been struggling with overcapacity and weak demand due to the global economy. Hanjin posted a net loss of 437 billion won (US$423 million) in the first half of this year.

According to VNE