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Attention: Hanjin Shipping has been declared in bankruptcy

Responsible people of the containers terminal of Algeciras International Total Terminal, in the port of this city has wanted to throw a calmness message for its workers, despite the uncertainty which has caused among the almost one hundred workers in the staff, the bankruptcy situation and the call for shareholders bidding on the part of the South Korean first ship owner, Hanjin Shipping, which takes part with 25% of the TTIA shares.

Hanjin Shipping has been declared in bankruptcy after Korea Development Bank (KDB), the public bank that leads the negotiations, advertising in the name of the rest that from 4 September will finish its financial support to Hanjin Shipping, as a consequence of the debt that the company has and which is about 5.000 million dollars.

The Director of TTIA, Alonso Luque, has sent a calmness message to the members of the company committee which later have held an informative assembly to make public for the staff that ‘the salaries are guaranteed’ and that despite there will be changes in the Administration Council of TTI as a consequence of the bankruptcy of Hanjin, the Korean shipping only has a part of the shares of the company, since 75% belongs to an investment fund from the Asian Country.

Referring to all this, the counterpart company of Hanjin Shipping in Korea, Hyunday Merchant Marine, second company of the country of containers transport (at present, it is also in the middle of a debt restructuration process) assures that could request for some of the profitable actives of Hanjin Shipping, not discarding a corporative operation.

Hanjin Group, original company of Hanjin Shipping, does not seem to want to go on investing on a division with little promising expectations, due to the moment of falling that the maritime traffic suffers, with a noticeable reduction of the fleets that seems to be starting to increase slightly.

Now, the courts will decide on the future of the company and if it should be liquidated, as sources from the judicature have stated to the agency Reuters. The process should last between 1 and 2 months but in the case of Hanji, it could be speeded.

The bankruptcy of Hanji, that has 1.500 workers, would be the biggest in the history of the maritime transport industry, exceeding the collapse of United States Lines in 1986, according to the data of the consultancy Alphaline collected by the agency Bloomberg.

Hanji has had some losses of 473.000 wones (381 million euro) in the first semester and at the moment, the Korean shipping has recognized that there are ports that have not let its ships moor due to the concern that they could not get paid the fees which the Asian company has to face.

This situation has created certain uncertainty in TTIA since the terminal receives 20% of containers from the Korean shipping, being at these moments its main customer, the French shipping CMA CGM.

The article comes from El Estrecho Digital.


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