News
The U.S. Federal Maritime Commission (FMC) has announced that it is aware that Hanjin Shipping has advised its customers that the company's application to engage in a voluntary restructuring process was denied by its creditors, and also aware that Hanjin Shipping has disclosed it has filed for court receivership and that these two actions combined have caused uncertainty among the American shipping community about cargo in transit with Hanjin Shipping.
For U.S.-based shippers and cargo owners trying to determine what options they have, the commission unveiled the initial guidance as follows:
- This is a legal matter and as such, it is important that affected parties, including shippers, consult with their attorneys on what remedies are available to them.
- The commission will be vigilant in watching for, and quick to act on, any improper behavior by other carriers and regulated parties (such as marine terminal operators, non-vessel-operating-common-carriers, and freight forwarders) that would constitute violations of the Shipping Act.
- The FMC has no jurisdiction when it comes to resolving bankruptcy claims and does not intercede in legal actions between third parties that will be heard by the courts.
- The commission is concerned about the operational and competitive impacts of Hanjin Shipping's status on the shipping industry broadly. Our staff will be closely monitoring for the foreseeable future for any developments that might impact shipping markets.
