The collapse of South Korea’s biggest shipping operator late last month has plunged the shipping industry into chaos ahead of the crucial year-end holiday shopping season as dozens of vessels and their crews wait for money needed to pay for port and handling fees.

The government said a 60 billion won ($54 million) loan pledged by Korean Air Lines Co, 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.

Source: hellenicshippingnews.com