MARITIME

Panama facing fallout from Hanjin Shipping bankruptcy

The shipping line was one of the largest users of the Panama Canal.

Temas:

Panama is bracing for the fallout of the bankruptcy of Hanjin Shipping, the seventh-largest shipping company in the world and a major user of the Panama Canal.

Hanjin represents 1.2 percent of the transits through the Panama Canal. In addition to impacting the Canal revenues, the bankruptcy will also impact Panama's ports and maritime service providers.

Some 45 ships owned by Hanjin, mostly container ships, are located in different parts of the world. They have lost access to international ports after declaring the suspension of payments.

After asking for bankruptcy protection, Hanjin stopped accepting new orders and almost all of its assets were frozen.

The Guardian newspaper reported that the company will not be allowed or upload or download containers until they show they can pay dock workers and other fees.

As a measure to avoid the impact on South Korean exports, the government of that country announced that will it will spend $57 million to pay 457 contractors of the company. This is expected to help continue the flow of electronic and household appliances manufacturing in that country.

The South Korean government also created a working group to examine the effect on South Korean exports.

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