Data through 2026-09-13 (13 September 2026)
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Hanjin Shipping receivership leaves container ships outside ports

Hanjin Shipping receivership leaves container ships outside ports. The disruption ran from 2016-08-31 (31 August 2016) to 2017-02-17 (17 February 2017), 171 days, affecting Busan, Los Angeles-Long Beach. No measured effect is published for this event; the effect section explains why.

Key facts

Started
2016-08-31 (31 August 2016)
Ended
2017-02-17 (17 February 2017)
Status
ended
Severity
3 Significant
Scope
global
Chokepoints
None
Confidence
medium: The receivership filing and the bankruptcy declaration are confirmed by consistent trade and general press reporting and by a later United States Government Accountability Office report, but no court document or company statement could be retrieved directly.
First reported
2016-09-01 (1 September 2016)
  • Severity basis: Measured effects are not available for 2016, so severity rests on the non measured criterion of vessels refused entry or arrested at ports in several regions over more than seven days.

What happened

On 2016-08-31 (31 August 2016) Hanjin Shipping applied to the Seoul Central District Court for receivership after its creditors withdrew support, and its container ships were left outside ports. Terminal operators, tug providers and other service providers declined to handle the vessels because they doubted payment, and ships were arrested in several countries by creditors. The United States Government Accountability Office later recorded that cargo owners faced delays and added costs while the fleet was stranded. United States courts handled the company's cross border insolvency case. The Seoul Central District Court declared Hanjin Shipping bankrupt on 2017-02-17 (17 February 2017) and appointed an administrator, ending the company's operations and moving the case to liquidation.

Measured effect

No measured effect is published for this event. The event predates the daily series we use, which begin on 2019-01-01 (1 January 2019).

IMF PortWatch daily data starts on 2019-01-01, so no effect can be measured for a 2016 event.

Timeline

  1. Hanjin Shipping applies for court receivership in Seoul after creditor banks withdraw support. Its container ships begin to be refused service at ports. [s2] [s3]
  2. Trade press reports three Hanjin vessels stranded off major North American ports, with terminals and service providers unwilling to handle the ships. [s3]
  3. The Seoul Central District Court declares Hanjin Shipping bankrupt, appoints a bankruptcy administrator and sets a deadline for creditor claims. [s1] [s2]

Cause

Hanjin Shipping applied for receivership after creditor banks declined further support, and the Seoul Central District Court later declared the company bankrupt and moved it into liquidation. Attributed by: Seoul Central District Court. [s1] [s2]

Resolution

2017-02-17 (17 February 2017): The Seoul Central District Court declared Hanjin Shipping bankrupt on 2017-02-17. Cargo was released over the preceding months through court supervised arrangements in several jurisdictions. [s1] [s2] [s4]

Corrections

No corrections to this record as of 2026-09-16 (16 September 2026).

Sources

  1. [s1] CNBC, S.Korea court declares Hanjin Shipping bankrupt, published 2017-02-17 (17 February 2017), accessed 2026-09-15. Archived copy. (press)
  2. [s2] Seatrade Maritime News, The end of Hanjin Shipping - officially declared bankrupt, published 2017-02-17 (17 February 2017), accessed 2026-09-15. Archived copy. (press)
  3. [s3] Port Technology International, Hanjin Ships Stranded at Major Ports, published 2016-09-01 (1 September 2016), accessed 2026-09-15. Archived copy. (press)
  4. [s4] United States Government Accountability Office, Ocean Carrier Bankruptcies: Federal Agencies Have a Limited Role in Addressing Effects on Cargo, published 2020-01-31 (31 January 2020), accessed 2026-09-15. Archived copy. (official)