Court tells Hanjin to return chartered ships to owners to cut costs
Time：2016-09-21
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The Seoul Central District Court said it would cuts costs though Hanjin estimates it may face penalties of US$1.7 billion for the early returns.
The court is hearing Hanjin Shipping`s application for receivership and will decide whether it can be resuscitated or liquidated.
A collapse of the firm will probably spark fresh consolidation among container lines as they attempt to ride out shock waves faced by the industry, according to Hapag-Lloyd.
Hanjin has already returned four box ships and three bulk carriers to their owners, and plans to remove 13 more containerships, the company said.