Hanjin ships to unload

Source:Reuters Published: 2016/9/24 0:48:40

South Korea's government said cash held by Hanjin Shipping Co Ltd and funds pledged by its parent group should meet the costs of unloading some $14 billion in cargo stranded on vessels operated by the troubled container line.

The collapse of South Korea's biggest shipping operator late August has plunged the shipping industry into chaos ahead of the crucial year-end holiday shopping season as dozens of vessels and their crews wait for money needed to pay for port and handling fees.

The government said a 60 billion won ($54 million) loan pledged by Korean Air Lines Co, Hanjin's largest shareholder, and additional support promised by executives associated with the firm should cover the costs related to the offloading­ of all Hanjin ships.

Separately, South Korean Foreign Minister Yun Byung-se accused North Korea on Thursday of "totally ridiculing" the authority of the UN through its nuclear and missile tests and said it was time to reconsider whether it was qualified for UN membership.

Posted in: Asia-Pacific

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