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Hanjin Ship Unloading at Long Beach After Bankruptcy Ruling

  • About $14 billion of cargo left stranded on Hanjin’s ships
  • Other Hanjin vessels close to port are also expected to unload

A Hanjin Shipping Co. vessel began unloading its part of $14 billion worth of cargo Saturday morning at the Port of Long Beach in California after a U.S. court granted the company a reprieve from having its assets seized, easing a cargo bottleneck resulting from the container line’s filing for bankruptcy protection.

The Hanjin Greece had been stranded near Long Beach since Aug. 31 after its parent company filed for court receivership in South Korea. Port workers began taking its cargo ashore at 8 a.m. local time and should continue until Sept. 12, Noel Hacegaba, chief commercial officer of the Port of Long Beach, said in a telephone interview. The Hanjin Gdynia will follow next week, he said. The Hanjin Greece is carrying “electronics, furniture, footwear and virtually anything a consumer would expect to find on the shelves leading up to the holiday season,” he said.

A Hanjin container ship anchored near Long Beach, California on Sept. 4.

Hanjin also won relief Saturday from its biggest shareholder, Korean Air Lines Co., which agreed to provide 60 billion won ($54 million) in funds to help pay for goods to be unloaded from its container...