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More Hanjin ships seized, as freight rates surge and cargo owners fret

Hanjin Shipping vessels have been seized at Chinese ports in the wake of the South Korean firm's collapse, further roiling the industry as freight rates jump and manufacturers scramble for alternatives.

Seeking to contain the fallout, a South Korean court said it would soon begin proceedings to rehabilitate the carrier - which would allow Hanjin to take legal action in other countries to keep its ships and other assets from being seized.

Rival Hyundai Merchant Marine will also deploy at least 13 of its ships to two routes exclusively serviced by Hanjin, while the South Korean government also plans to reach out to overseas carriers for help.

The court's move to rehabilitate the world's seventh-largest container shipper is seen as mainly procedural, and an eventual liquidation of assets is likely, analysts and industry officials said.

"Unlike dry cargo, liner shipping is all about marketing and service reliability — we haven't seen any large carriers come back from collapse," said Rahul Kapoor, a director at maritime consultancy Drewry Financial Research Services.

"There is a loss of faith among customers. It's very unlikely Hanjin can come...


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