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Hanjin Fleet Shrinks

Maritime Activity Reports, Inc.

November 13, 2016

 Following its bankruptcy filing, Hanjin Shipping Co.’s fleet has shrunk to about a tenth of its size after the South Korean container line returned most of its chartered vessels to owners, reports Bloomberg.

 
All but three of the remaining 14 ships are either stranded or have been seized over unpaid bills. Hanjin once operated 97 box ships, including 61 that were chartered. 
 
As overcapacity depressed freight rates and debt piled up at the company, lenders pulled the plug on credit, prompting Hanjin to apply for court receivership on Aug. 31.
 
Of the chartered vessels, all except two have been returned to their owners, who have since leased them to others and changed the vessels’ names. 
 
Hanjin was the world’s seventh-biggest container line with a market share of 2.9 percent, making it the only Korean carrier to feature in the global top 10. 
 
Now, it’s plummeted to 21st in rankings with about 0.5 percent share, according to Alphaliner, a shipping data provider.
 

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