By Alex Lennane

(The Loadstar)– Perhaps what is most striking concerning this timeline is that information of Hanjin’s economic difficulties openly emerged inMay Yet in August, the service provider introduced its 2nd quarter economic outcomes as well as exposed that quantities had actually climbed 7.2% because the very first quarter, as well as 1% year-on-year– revealing that carriers remained to be drawn by reduced prices, regardless of the dangers.

As SeaIntel kept in mind in its Hanjin study, which it shared today: “If we are being objective about this, the shippers are not without their part in creating this situation.”

It included: “The ruthless stress on prices in recent times has actually developed a scenario where the whole service provider sector is greatly loss-making. And it is obviously difficult to see a scenario where you can have both a steady supply chain as well as at the exact same time make certain that the suppliers of claimed supply chain are not loss-making.

“Yes, the carriers have engaged in price wars, and it is the carriers that, at times unprovoked, offered even lower rates. But we are saying that an industry where one part obtains significant savings while the other part is loss-making is not a set-up which is viable long-term.”

Hanjin collapse in days

Early May: Hanjin contacts proprietors of its chartered-in fleet as well as incurable drivers requesting for assistance. Negotiations begin with charter business.

May 23: Seaspan discloses that Hanjin is substantially behind on its charter hire repayments to the song of $11.6 m as well as has actually requested for decreases in charter prices.

End of May: One mass service provider proprietor sheds perseverance with Hanjin as well as restrains a ship for 3 days in the South African port of Richard’s Bay over overdue charter charges.

Mid-June: Hanjin is believed to be owing much more in charter repayments; by as long as Won100 bn (US$ 84.9 m). Hanjin Group states it will certainly spend US$ 21m as well as Hanjin Shipping begins to market properties.

August 9: South Korea’s economic regulatory authority dismiss state help for Hanjin.

August 16: Hanjin introduces second-quarter outcomes: a bottom line of US$ 182m. Volumes raised 7.2%, regardless of supposition over its feasible insolvency. The due date for its volunteer restructuring contract is prolonged by a month to very early September.

August 20: Hanjin misses out on due date to send financial backing procedures to lenders.

August 25: Hanjin sends a monetary renovation strategy suggesting a shot of US$ 360m through offering supply to associate Korean Air as well as elevating an additional US$ 90m from various other possession sales. Evidence that Hanjin has actually quit paying charter business. It currently owes Seaspan US$ 18.6 m.

August 26: Creditors decline the strategy.

August 31: Hanjin apply for court receivership, causing biggest ever before insolvency in container delivery sector. Reports of vessel apprehensions in Singapore as well asShanghai Alliance companions reveal backup strategies.

September 1: Hanjin captains purchased to slow-steam or quit to play it safe of apprehension. Ports as well as pull business begin to decline Hanjin ships. Terminals ask carriers for stevedoring charges for freight currently in port. Hauliers need cash-only repayments. Freight prices begin to “skyrocket” as carriers search for capability outside CKYHE partnership.

September 5: South Korean federal government concurs with ports of Hamburg, Singapore, Los Angeles, Gwangyang as well as Busan that ships can discharge. Eight do so. Hanjin looks for a “stay” order in 43 nations. Twenty non-Hanjin ships sent to aid.

September 6: Rotterdam court guidelines in favour of carriers testing Rotterdam incurable driver ECT’s “unlawful” charges for launching containers. Shipper organizations attract various other ports. Shippers consisting of Samsung, which has $38m in products on Hanjin vessels outside Los Angeles, attract United States court to enable ships to dock. United States court guidelines that Hanjin ships can dock, however can not leave the port. Ships do not go into port as well as do not discharge.

It is approximated that Hanjin would certainly require to pay US$ 543m in charges to unload all its containers.

September 8: Shippers, providers, ports as well as intermodal business submit records in United States courts requesting for supply chains to be enabled to relocate without economic danger to them.

The Loadstar is rapid coming to be understood at the highest degree of logistics as well as supply chain administration as one of the most effective resources of prominent evaluation as well as discourse.

Check them out at TheLoadstar.co.uk, or locate them on Facebook as well as Twitter.