September 8, 2016
Hanjin Shipping’s bankruptcy is causing ripples across the port real estate landscape. The Port of Long Beach Board of Harbor Commissioners is discussing the lease of Pier T Container Terminal held by Total Terminals International, LLC which, in turn, leases it to Hanjin.
The Port says the lessee is current on payments, though it is negotiating price and terms of payment. Hanjin’s parent company, Hanjin Group, pledged $90 million to calm the waters and allow shipping operations to resume.
The South Korean company’s ships have been stranded or seized since it was unable to pay docking fees. As of Sunday, 68 of 141 vessels operated by Hanjin weren’t operating normally.
Hanjin Shipping, the seventh-largest carrier in the world, carries roughly 3% of all container cargo.
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