Port of Wilmington Closely Watching Hanjin Bankruptcy Rescue
The Port of Wilmington is closely watching as one of its clients — South Korean company Hanjin Shipping — attempts to fight its way back from the brink of bankruptcy.
"Much like every other port on the U.S. East Coast, North Carolina Ports is patiently waiting to see how Hanjin Shipping Co.'s financial situation unfolds," Cliff Pyron, spokesman for the N.C. State Ports Authority, wrote in an e-mail Sept. 12.
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As of last week, Hanjin, one of the largest shipping companies in the world, was still negotiating with U.S. and international ports to dock 45 cargo vessels left stranded in the open ocean after the company filed for bankruptcy. More than half a million containers were among those stalled at sea, The Wall Street Journal reported Sept. 13.
Hanjin filed for Chapter 15 bankruptcy protection in the United States on Sept. 9.
In Wilmington, the company's shipping containers — unmistakably emboldened with its logo — are regularly seen on the backs of trucks moving to and from the port.
In the interim, the port has turned to other international clients to offset the uncertain future with Hanjin. Over the weekend, the Evergreen Ever Laden — the largest ship to call the Port of Wilmington — docked as part of the CKYHE Alliance's AW3 service, which Pyron said connects Asia with the U.S. East Coast via the newly expanded Panama Canal.
"We are big-ship ready, and the carriers are now recognizing that," he said.
If Hanjin should collapse, it would be the largest container shipping failure in history, according to The Wall Street Journal.
