ex. Game, Music, Video, Photography

Ripple effects of Hanjin collapse hit Vietnamese exporters

The bankruptcy of the South Korean container carrier has thrown many Vietnamese companies into a state of utter confusion, if not despair.

Ngày đăng: 25 tháng 9, 2021
Cập nhật: 29 tháng 12, 2022
Lượt xem: 338226604
Nguồn: vnexpress

When the now infamous Hanjin filed for bankruptcy at the end of August, it also left freight worth $14 billion marooned at sea ports and offshore waters across the world.

Vietnamese seafood exporters said some of their cargo has been caught in the middle of this massive fallout.

The Vietnam Association of Seafood Exporters and Producers estimated that about 150 containers of frozen seafood due to reach the U.S. by the end of this month are affected.

Now that Hanjin ships have been refused to offload or take abroad merchandise at many sea ports around the globe, there's no guarantee that those containers of Vietnamese seafood could be delivered to importers and retailers on time, the association said.

Tran Kim Yen, director of the freight forwarding company NYD Logistics, said as many as 20 Hanjin consignments which have arrived in Malaysia, Singapore or South Korea are not likely to reach their final destination.

Yen said any solution to this problem will add extra costs.

“We are paying up to $80 a day for a container sitting in Singapore,” she explained. "It will cost an estimated $4,000 for a container to be shipped back to Vietnam, or $7,000 for a container to continue its journey to Europe."

For companies exporting relatively low-value products, the price of completing the journey would be too much.

Dang Phan Phuong Chi, executive manager of An Huy BT, a shipping company, said Vietnamese exporters are on the horns of a dilemma, facing a tough choice between finishing the route and heading back to Vietnam.

She said, for instance, more than 140 containers of livestock feed trapped in Hanjin ships are waiting at a port in Busan, South Korea. It could cost around $5,000 per container, exactly the value of the goods inside, for a return trip to Vietnam.

In the meantime, a Hanjin vessel -- the Hanjin Chennai -- has been stranded for days off the coast in southern Vietnam as it was refused permission to enter a port in Vung Tau. There are concerns about whether the failed shipping line could pay docking and other fees.

All at sea

After having filed for bankruptcy in August, the world’s seventh-largest container carrier lacked cash to pay cargo handlers, tug operators or ports, leaving ships adrift and containers stuck in a limbo state.

As many as 733 containers of merchandise handled by the Hanjin Chennai were scheduled to dock in Ho Chi Minh City on September 2. They of course have not arrived.

There were also reports that some Hanjin ships had been seized in China on behalf of creditors.

Customs statistics show that the South Korean shipping line has run up a debt of about $2.5 million to Ho Chi Minh City-based Saigon Newport Corporation, and more than $200,000 to other ports in the north.

Some said Saigon Newport should ask for help from relevant authorities to order the Hanjin Chennai to dock in southern Ho Chi Minh City so that retailers and companies can offload their cargo while creditors can seize some assets.

However, Bui Thi Lien Thuy, director of HabaSped Logistics, said that is not a good solution.

“The Hanjin Chennai will continue to remain at sea as long as we refuse to protect the ship and its cargo from being seized by creditors, or to promise that the ship is free to leave afterward,” said Thuy.

She added that the longer the wait, the longer local importers and retailers will suffer.

A Ho Chi Minh City-based importer of fresh food said following Hanjin’s filing, its imports are now three weeks behind the delivery deadline and still nowhere to be found.

“Food products with a short shelf life can easily go off... We feel like we're on the edge of a cliff,” said a representative.

Ha Xao Chau, who runs a porcelain business, said her company had to compensate customers for late deliveries, but there's also damage to its reputation.

“We have no choice but accept the financial losses. What we are concerned the most is exactly when our goods will be here," said Chau. "The delay so far has seriously affected the business of our local partners.”

According to the Vietnam Maritime Administration, Hanjin accounts for over 5 percent of Vietnam’s container shipping industry.

The operator, with nearly 100 container ships, said it has faced an acute credit crunch following the 2008 global financial crisis.

The economic downturn has taken its heavy toll on the shipping industry, which is suffering from a record low freight demand amid chronic overcapacity.

The South Korean government said the Korea Development bank will offer a credit line of 50 billion won, or $45 million, to help the shipper offload cargo.

Korean Air, the shipping line’s largest shareholder, has also agreed to lend 60 billion won to pay for the unloading of cargo of dozens of ships still stranded at sea.

The bankruptcy of Hanjin has badly hurt many Vietnamese companies across industries, especially those exporting seafood, garment and textile, footwear and furniture to the East Asian markets and the U.S.

Related News:

Vietnamese port offers amnesty to bankrupt S.Korean shipping giant

Drought and fish deaths drown Vietnam’s seafood exports

Tin tức liên quan

Hydropower dams run out of water on lack of rain
news 16/09/2021

Hydropower dams run out of water on lack of rain

news | 317426597

A heatwave and scanty rainfall have resulted in low water levels in hydropower dams in the central region, forcing several to shut down.

London start-up scene weighs threat of British Techxit
world 13/09/2021

London start-up scene weighs threat of British Techxit

world | 305246598

Britain's tech start-up scene was having a bumper year in terms of new company creation, fresh funding and acquisitions by global tech players before voters decided to leave the European Union in Thursday's referendum.

Live civets seized in Cambodia en route to Vietnam
news 22/09/2021

Live civets seized in Cambodia en route to Vietnam

news | 333596601

The cat-like carnivores are used in Vietnam to produce a quirky type of coffee.

High school exam the most testing of times
life 21/09/2021

High school exam the most testing of times

trend | 331126615

In Vietnam, national high school exams are a seminal event deciding whether or not one will make it in life.

Russian ambassador shot dead in Ankara gallery
world 15/09/2021

Russian ambassador shot dead in Ankara gallery

world | 315866610

The gunman shouted 'Don't forget Aleppo' and 'Allahu Akbar' as he opened fire.

 Vietnam prepares welcome for vaccinated foreign tourists to select destinations
travel 17/09/2021

Vietnam prepares welcome for vaccinated foreign tourists to select destinations

travel | 322866601

Vietnam is planning to allow some destinations to welcome back fully-vaccinated foreign visitors in the first steps to revive the tourism industry.

 Lieutenant general faces disciplinary actions over Covid test kit scam
news 22/04/2022

Lieutenant general faces disciplinary actions over Covid test kit scam

news | 374616600

Lieutenant-General Do Quyet, director of Vietnam Military Medical University in Hanoi, is facing disciplinary actions for his involvement in a Covid-19 test kit scam at a HCMC technology firm.

UN envoy says Cambodia tensions near
news 22/09/2021

UN envoy says Cambodia tensions near 'dangerous' tipping point

news | 334266613

PHNOM PENH- A U.N. human rights envoy on Thursday urged Cambodia to ensure judicial fairness and prevent threats and violence as political tension moves the country closer to a "dangerous tipping point".

Imported car sales soar despite efforts to tighten imports
business 14/09/2021

Imported car sales soar despite efforts to tighten imports

industries | 310216612

Consumption of imported cars has skyrocketed while that of locally-assembled ones is falling despite efforts last year to tighten imports.

Vietnam reports 40 more Covid-19 cases
news 20/09/2021

Vietnam reports 40 more Covid-19 cases

news | 329486601

The Health Ministry confirmed 40 new Covid-19 community transmissions in three localities Tuesday evening, with Hai Duong still accounting for the majority.

Link Tài Trợ - Sponsored Links

Công Thức Vật Lý