Following recent developments, in Seoul at 1900hrs on 1st September 2016, Hanjin obtained a rehabilitation order protecting its assets from creditors.
It is likely to result in serious repercussions across the market including the bunker supply chain as Hanjin ceases operations and restructures its business.
From the point of view of the buyers and sellers of bunkers to vessels owned or operated by Hanjin, as always, timing is of essence in securing claims and protecting against claims.
As everyone will know from the OW saga, an innocent owner might consider preventive measures to avoid paying for bunkers it did not order. An unpaid seller might look to secure payment by exercising maritime liens or relying on the security mechanisms it has in its terms and conditions such as retention of title clauses.
Clyde & Co are already representing parties across the market and our worldwide bunker specialists are ready to assist with these latest challenges.
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