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Hanjin Shipping should have enough cash to unload $14 billion

Staff Writer |
South Korea’s government said cash held by Hanjin Shipping and funds pledged by its parent group should meet the costs of unloading some $14 billion in cargo stranded on vessels.

The government said a 60 billion won ($54 million) loan pledged by Korean Air Lines, Hanjin‘s largest shareholder, and additional support promised by executives associated with the firm should cover the costs related to the offloading of all Hanjin ships.

“We’ve calculated the costs that will be needed to offload the cargo, and this can be covered roughly with the funds that have been pledged,” Vice Finance Minister Choi Sang-mok told reporters on Friday.

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