Hanjin Shipping containers creating logjam at ports

Posted on: 25/02/2017

Hanjin Shipping Co. may be liquidating but the company’s containers are still creating a logjam at ports and, more recently, in court. With the South Korean operator’s biggest assets being auctioned off, WSJ Logistics Report’s Erica E. Phillips writes a fight now is brewing in U.S. bankruptcy court over who can sell the boxes that have been left behind. Hanjin’s U.S.-based creditors want to salvage what they can, but Maher Terminals LLC, which runs Port Authority of New York and New Jersey marine terminal, is raising a roadblock, saying in a court filing that Hanjin owes more than $3 million in penalties and storage fees on 256 containers clogging the docks. The fight is over pennies on the dollar, but shows that the battle to recover money lost in the Hanjin bankruptcy could keep going down to the last container.

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