(LONG BEACH, Calif.) — Roughly half of Hanjin Shipping's containerships have been blocked from ports since the South Korean firm filed for bankruptcy protection this week, Reuters reported. The potential for cargo to be stranded is unnerving for many, particularly as industry insiders and analysts believe that Hanjin has little chance of being rehabilitated and its assets will eventually be liquidated. A judge in California ordered the arrest of the containership Hanjin Montevideo in Long Beach over unpaid fuel bills totaling $488,750 owed to World Fuel Services, according to court documents seen by Reuters. Lawyers acting for two other firms, Hastay Marine and Montemp Marine, applied on Aug. 31 to a court in California to have Hanjin's assets in the U.S., including cash and property totaling more than $3 million, seized to pay outstanding rental payments on two Hanjin ships.
Click here to read the story.
