- Hanjin's receivership process will come to an end on February 2, a Seoul bankruptcy court ruled. A bankruptcy declaration will occur on February 17, pending appeals.
- At one time South Korea's largest shipping line as well as the world’s seventh largest container line, Hanjin filed for bankruptcy late last August. Drowning in approximately $5 billion dollars of debt, the filing created chaos in the global supply chain, with merchandise stranded on ships for weeks on end.
- The most recent Hanjin asset to be sold was its stake in the Ports of L.A. and Oakland Total Terminals International to MSC.
As the Hanjin era comes to a close, with the South Korean court finally deciding to end the debt-ridden shipper's court-appointed receivership process, the path of vessels sold reveals much about what the industry will look like going forward. Hanjin's going concern value no longer exceeds its liquidation value, and numerous creditors have been lining up domestically and globally to finally resolve their stakes ine sunken ship.
As of late January, Drewry Maritime Research reported that four Hanjin vessels of 15,000 TEU have been scrapped, neither of which were more than 20 years old. Maersk has chartered 11 former Hanjin vessels at 77,000 TEU, the biggest being two 13,000 TEU units (previously Hanjin Africa and Hanjin Harmony) that were allegedly auctioned anonymously in December for approximately $131 million each. Maersk will be employing both (retitled Maersk Emerald and Maersk Ensenada) in 2M's Alliance Asia-Europe route.
A total of 63 more ex-Hanjin ships with close to 460,000 TEU are out of use. Hanjin Europe, one of three 13,092 TEU units sold in December by Peter Döhle Schiffahrts-KG, was formerly claimed to be Hanjin's. Another six vessels of uncertain provenance are set for auction in February. In December 2016, KMTC paid $5.3 million each for four former Hanjin 4,275 TEU units, only one of which is currently in use in Intra-Asia trade.
Samra Midas (SM) Group acquired five of Hanjin's 6,655 TEU units for $23 million, the purchase of which will likely serve SM Lines, Samra's subsidiary. The remaining four 4,275 TEU unit Hanjin ships were bought by the Seaspan Corporation for £21 million. Seaspan is said to be seeking charters.