Port of Virginia Refuses Inbound Hanjin Shipping Cargo

Hanjin Shipping The US Port of Virginia said that it has stopped accepting inbound cargo from South Korean container carrier Hanjin Shipping after the company filed for court receivership amid a prolonged downturn in the shipping industry. Namely, the port would not accept the carriers cargo at any of its marine or intermodal terminals, however, it would continue accepting empty Hanjin containers at the Pinners Point Container Yard (PPCY). Furthermore, Port of Virginia said that it is developing plans for how to handle Hanjin cargo that is already on-terminal. The ocean carrier filed for court protection after losing support of its banks in South Korea. The company also asked the Seoul Central District Court to freeze its assets. Following the company’s move, Korean Financial Services Commission (FSC) said that the government “will promote sales of Hanjin Shipping’s core assets to Hyundai Merchant Marine in a bid to maintain competitiveness of the shipping industry.” Hyundai Merchant Marine (HMM) would acquire the company’s core assets such as ships, overseas sales network and key work forces to retain Hanjin Shipping’s competitiveness as much as possible.