Cargo delays feared as Hanjin files for receivership

Cargo customers of Hanjin Shipping are facing possible delays to their containers following the Korean line’s decision to file for bankruptcy today after its creditors lost faith in its recovery plans.

South Korea’s largest container shipping group today filed for court receivership after losing the support of its banks, raising the prospect of its assets being seized around the world. And ports across Asia, Europe, and the US have already begun denying access to its vessels, Reutersreported.