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Hanjin Shipping has $14 billion at sea, from food to phones

Staff Writer |
The failed Hanjin Shipping group is desperately seeking funds to rescue $14 billion worth of cargo stranded around the world.

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Creditors, banks and the South Korean government are not wiling to give the cash.
Hanjin Shipping filed for receivership in South Korea last week after attempts to bail out the indebted company failed.

Ports have refused to accept Hanjin cargoes without guarantees that port fees will be paid. However, creditors, banks and the South Korean government are all reluctant to put up the cash.

The global economic downturn, fierce competition and falling prices has hit profits across the cargo shipping industry and Hanjin collapsed with debts of about $5.4 Hanjin Shipping last month.

There are an estimated 89 Hanjin ships out of its 141-vessel fleet in difficulty, and some have been seized by creditors.

The ships contain everything from computer parts to perishable food with many of the cargoes destined for the Christmas market in the U.S. and Europe.

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