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The "butterfly effect" triggered by Korea: internal layoffs

       Local time on October 19 afternoon, according to South Korean media reports, Hanjin Shipping in the sale of its core assets, is seeking to cut more than half of land-based employees. The relevant personnel, said Hanjin Shipping has ruled out any form of large-scale retrenchment of the possible benefits of retirement benefits.

       After the layoffs, the local court approved the sale of Asia to the US route, will retain only 300 employees.

       Prior to the shipping industry network has been concerned about the Hanjin report on the relevant matters, the specific time node information is as follows:

       August 30, Hanjin shipping creditor Korea Industrial Bank refused to additional financial support, Hanjin Shipping suspended trading ban on stocks.

       August 31, Hanjin maritime to the court for bankruptcy protection.

       September 1, the local court agreed to apply for bankruptcy Hanjin shipping protection.

       The morning of September 2, Seoul, South Korea released the Central District Court on Hanjin shipping publicity, decided to start the reorganization of the Hanjin Shipping procedures. The shipping companies have issued a public report to the customer book, the Hanjin shipping chaos caused by the logistics to a minimum.

       At the same time, part of the port seized Hanjin ships. In order to prevent the vessel from being detained, Hanjin ships began to sail around the sea.

       September 6, Hanjin Group plans to Hanjin shipping to provide 100 billion won (total 91 million US dollars) of funds to ease the sea by the Hanjin bankruptcy caused by the shipping chaos.

      Including 40 billion won for Cho Yang-ho, chairman of the Hanjin group, and 60 billion won for mortgage-backed shares in longshore, including California. However, the Group is not able to determine whether the new injection of funds to help Hanjin through the crisis.

     September 7, the capital changes. Hanjin Group official said, before the commitment from the Hanjin Group to the shipping sector injection of 60 billion won, the Board of Directors has not been approved, the specific results need further discussion on Friday.

     On September 12, Choi Eun-young, the former chairman of Hanjin Shipping, invested 10 billion won.

     On September 13, President Cho Yang-ho of Hanjin Group invested 40 billion won.

     September 18, the South Korean government has no intention of assistance, the President severely criticized the Hanjin into financial difficulties, the sale of three cargo ships, the next few weeks there are expected to ship 37 ships will be disposed of.

     September 20, Hanjin Shipping has been around the world waiting for the dock port docking nearly one-third of the container ship has been unloaded, the outside world is expected by the end of the holiday season before the global supply chain disruptions will be eased.

     97 ships composed of container ships fleet, 28 have been in the United States, California, Spain and other countries and regions to complete the port of discharge.

     On September 21, the board of directors of Hanjin Shipping Co., Ltd., the largest shareholder of Hanjin Shipping, approved the decision to finance Hanjin Shipping on 21 September and immediately proceeded to raise funds to help remove the cargoes stuck on the Hanjin shipping vessel as soon as possible.

     September 29, Hanjin Shipping announced that the company has received Korean Air to provide 60 billion won (about 3.6 billion yuan) loans.

     In early October, after the bankruptcy protection of Hanjin container ships for the first time berthing of Chinese ports. After receiving the capital support from the major shareholders, the world's ports began to allow Hanjin shipping ships to Hong Kong.

     October 3 and October 8, Hanjin Shipping 's "Hanjin Oasis" and "Hanjin Czech" was docked on the Shanghai Yangshan port unloading, which is from August 31 Hanjin Shipping declared bankruptcy protection after the announcement , The first to be allowed to dock the Chinese port of the company's cargo ship.

     October 7, Changwon District Court accepted the United States and Singapore fuel company World Fuel Services voluntarily auction "Hanjin Xiamen" application, and to be prohibited before the ship to move the ship, which makes the court ruled that the temporary detention of the ship. This is Hanjin Shipping's ship was first detained in South Korea.

     October 14, in order to repay the creditor's assets, is responsible for the Hanjin shipping bankruptcy protection of the Seoul Central District Court plans to sell the first Asian-American shipping routes today Hanjin assets.

      On the specific assets, Yonhap said the main include human resources and ships, 10 overseas enterprises; and the Lloyd's daily reported that the assets involved may be mainly Hanjin Shipping Asia-US routes on five container ships, and human resources and operations systems, 10 overseas enterprises and logistics systems.

      Hanjin Shipping "Butterfly Effect" to incite to China, the total amount owed to China's major port enterprises along the coast of up to 3 billion.

     As an import and export trade and an important part of the shipping market, Hanjin maritime bankruptcy on China's port a great impact on the main coastal trunk ports have been affected to varying degrees.

     China Port Association is highly concerned about the Hanjin shipping bankruptcy and the continuous fermentation of the incident on the continued impact of China's ports.

     It is understood that Hanjin shipping bankruptcy not only on the normal production order of China's port had a short-term impact, has been loaded into the Hanjin container liner had to change the shipping company to replac the box, a number of routes can not be scheduled to sail the normal shift affected, some Hanjin container stranded in the port yard, and port companies involved in Hanjin shipping accounts receivable are also facing huge risks that can not be recovered, coastal major container port companies involved Hanjin shipping accounts receivable amount of more than 3 million, While the relevant business disputes will inevitably increase.

      To this end, the Chinese Port Association has suggested to the competent government departments:

      First, I hope that the relevant departments of the Government to establish a special coordinating body, as soon as possible with the Korean government, Hanjin involved in China's importers and exporters, port companies and other claims reasonable claims representations, as far as possible to reduce the loss of China's related businesses;

      The second is the current due to Hanjin shipping arrangements for transport and detention of goods in the terminal, the proposed port authorities clear the relevant treatment methods and operating procedures, as far as possible on the Hanjin cargo open green channel, to speed up the relevant declaration procedures;

      Thirdly, it is suggested to formulate and perfect relevant laws, regulations and measures, such as the bankruptcy of Hanjin shipping, so as to protect the legitimate rights and interests of our port import and export enterprises, port enterprises and other related units and ensure the stability of China's import and export trade.

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