On Thursday 8 September our global marine team held a conference
in Tokyo on various trends and issues facing the industry. As part
of this conference the team presented an update on the Hanjin
Shipping situation as outlined below.
Summary of recent developments:
1. The fact that the order has now been recognised in the
UK will have a broad impact internationally.
2. The fact that secured claims might still proceed in the UK
despite the order, because the security responds, not Hanjin's
assets.
3. It is important for anyone in a charterparty chain or cargo
interests to properly analyse lien situations.
4. Lack of recognition of foreign bankruptcy orders in the
Middle East means there is a potential free-for-all on arrests of
Hanjin vessels if calling into ports in the region, because they
won't benefit from court protection. However, thus far there
has been limited exposure for Middle East businesses ?to
Hanjin.
