Transportation Marine

  • SAN FRANCISCO/ SEOUL, Sept 12- A portion of the $14 billion in cargo trapped at sea by the bankruptcy of Hajin Shipping Co Ltd began moving out of a California port on Monday as shareholders and executives of the South Korean firm pledged funds to help resolve the turmoil created by its collapse. The Hanjin Greece, one of roughly a dozen of the company's ships...

  • SAN FRANCISCO/ SEOUL, Sept 12- A Hanjin Shipping Co Ltd vessel is finishing unloading in California and scheduled to leave port on Monday, shipping industry officials said, as shareholders and executives associated with the South Korean firm pledged funds to help resolve the turmoil created by its collapse. Truck drivers probably will begin moving containers...

  • Sept 12- The collapse of South Korea's Hanjin Shipping, the world's seventh-largest container carrier, has disrupted global trade networks and driven up freight rates. *$14 billion- the estimated value of cargo tied up globally as Hanjin ships idle outside ports that won't let them in. *$1,700- the average cost to move goods in 40- ft containers from the U.S. West...

  • The Hanjin Greece docked in Long Beach on Saturday after a U.S. bankruptcy court granted it protection and terminal operators agreed to take it. The U.S. court on Friday gave three other Hanjin ships protection from seizure, and one has been waiting near the Long Beach port since. The delays have concerned importers like Alex Rasheed, president of Pacific Textile...

  • LOS ANGELES, Sept 10- Dock workers began unloading furniture, clothing and other cargo on Saturday from a container ship owned by bankrupt Hanjin Shipping Co Ltd, breaking a logjam that has stranded goods on a dozen vessels bound for the U.S. West Coast. The Hanjin Greece docked at the Port of Long Beach in California early Saturday morning and workers were hauling...

  • Sept 9- A U.S. judge on Friday signed an order granting Hanjin Shipping Co Ltd provisional protection from creditors in the United States, enabling some vessels to dock and unload at U.S. ports. "We have the money," said Ilana Volkov, an attorney for Hanjin, told a U.S. Bankruptcy Court hearing in Newark, New Jersey on Friday. One of the four, the Hanjin Greece, was scheduled...

  • Sept 9- A U.S. judge on Friday signed an order granting Hanjin Shipping Co Ltd provisional protection from creditors in the United States, enabling some vessels to dock and unload at U.S. ports. South Korea's Hanjin had asked U.S. "We have the money," said Ilana Volkov, an attorney for Hanjin, told a U.S. Bankruptcy Court hearing in Newark, New Jersey on Friday.

  • NEW YORK, Sept 9- The U.S. Marshals Service has blocked a Royal Dutch Shell-chartered vessel carrying up to 600,000 barrels of crude oil headed to the Monroe Energy refinery outside of Philadelphia from leaving the port in connection with a civil court order, the federal agency said. The vessel, a Malta- flagged Aframax named Advantage Avenue, will be allowed to...

  • NEW YORK, Sept 9- The U.S. Marshals Service has blocked a Royal Dutch Shell-chartered vessel carrying up to 600,000 barrels of crude oil headed to the Monroe Energy refinery outside of Philadelphia from leaving the port in connection with a civil court order, the federal agency said. The vessel, a Malta- flagged Aframax named Advantage Avenue, will be allowed to...

  • Sept 9- A U.S. judge said on Friday he will grant Hanjin Shipping Co Ltd provisional protection from creditors in the United States, enabling some vessels to dock and unload at U.S. ports. South Korea's Hanjin asked U.S. "We have the money," said Ilana Volkov, an attorney for Hanjin, told a U.S. Bankruptcy Court hearing in Newark, New Jersey on Friday.

  • Sept 9- A U.S. judge said on Friday he will grant Hanjin Shipping Co Ltd provisional protection from creditors in the United States, enabling some vessels to dock and unload at U.S. ports. "We have the money to fully service those four ships," Ilana Volkov, an attorney for Hanjin, told a U.S. Bankruptcy Court hearing in Newark, New Jersey on Friday. Around $14 billion of...

  • Sept 9- Hanjin Shipping Co Ltd has received authority to spend the money needed to dock at U.S. ports and begin unloading four vessels that have been stranded at sea by the company's failure last week, a company lawyer told a U.S. court on Friday. "We have the money to fully service those four ships," Ilana Volkov, an attorney for Hanjin, told a U.S. Bankruptcy Court hearing...

  • SEOUL, Sept 9- Korean Air Lines, the biggest shareholder in Hanjin Shipping, on Friday delayed a decision on a funding plan for the troubled company for a second time, adding to uncertainty about cargo stranded at sea following the failure of the world's seventh-largest container carrier. Four vessels have also been seized as of Thursday, according to Hanjin...

  • Sept 8- Samsung Electronics Co Ltd on Thursday asked a U.S. judge to allow the South Korean company to pay cargo handlers to remove its goods from Hanjin Shipping Co Ltd's vessels stationed near U.S. ports after the world's seventh-largest container carrier filed for bankruptcy. "There's no earthly reason why these parties should not be permitted to cut their...

  • Transportation sector may indicate economic downturn

    A report by the US Bureau of Transportation Statistics says the transportation index sees moves before changes in economic growth.

  • *$14 billion in cargo aboard affected Hanjin ships. SEOUL, Sept 8- Will 80 tonnes of spicy kimchi stuck aboard three Hanjin Shipping vessels bobbing off the coast of California be unloaded before overripening? The ocean freight industry has never seen a container carrier of Hanjin Shipping's size go under before.

  • SEOUL, Sept 8- The lead creditor bank for South Korea's Hanjin Shipping Co Ltd said it will be difficult to accept a court request to provide the firm new funds- funds seen vital to resolving the problem of cargo stranded around the world. A Korea Development Bank spokesman said providing extra funding to Hanjin could lead to breach of trust issues as there was no...

  • KHOBAR, Saudi Arabia, Sept 7- State oil giant Saudi Aramco has extended bidding for dredging and reclamation work at its marine terminal in Ras al-Khair by almost one month, industry sources told Reuters on Wednesday. The project at the eastern Saudi port of Ras al-Khair will be operated by a joint venture between Aramco, the National Shipping Company of Saudi...

  • SEOUL, Sept 7- A South Korean court presiding over Hanjin Shipping Co Ltd's receivership has asked the firm's lead creditor for fresh funds, warning the container shipper needs financial support this week to normalise operations. The Seoul Central District Court did not say how much it had requested from lead creditor Korea Development Bank but noted that...

  • *Hanjin Group says plans to raise 100 bln won. SEOUL, Sept 6- Hanjin Shipping Co's parent firm plans to raise 100 billion won to fund the unloading of billions of dollars worth of cargo aboard vessels stranded around the world in the wake of its court receivership filing last week. Those funds may be matched by a separate 100 billion won in loans that South Korean...