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Hanjin Owes Chinas Major Seaport Companies Over 300 Million

    The bankruptcy of Hanjin has been a shock to global shipping industry and has thrown shipping market and international trade into chaos. As an important element of import and export trade, Chinese ports especially those along coast container major routes have been affected to a varying degree.

    It is said Hanjins collapse has immediate impact on the normal operations of Chinese ports, e.g., cargoes within containers scheduled to be loaded onto Hanjin lines have to be booked with other shipping lines and shifted to their containers, normal shipping schedules are being affected due to the failure of timely departure of many shipping lines, many Hanjin containers are left in port yard in limbo. Of greater concern is that many companies who have been involved with Hanjin are facing huge financial risks of collecting debts from them, and the related amount is over RMB 300 million. It is expected relevant commercial disputes will inevitably rise.

    China Ports and Harbours Association has provided the competent government department the following recommendations: Firstly, establish a specialist coordinating body to liase with South Korean government and Hanjin with regard to all reasonable claims of Chinese exporters, importers and seaport companies with the attempt to reduce their losses as much as possible. Secondly, urge relevant port authorities to put in place operational processes to open green channels for Hanjin cargoes to speed up relevant declaration procedures. Thirdly, formulate and establish relevant regulations and strategies to handle disasters such as chaos caused by bankruptcy of Hanjin, with the aim to protect the lawful rights of Chinese import and export companies, seaport companies and maintain the stability of Chinese import and export trade.

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