Hanjin seeks funds to free stranded cargo worth $14bn
GETTY IMAGES The failed Hanjin shipping group is desperately seeking funds to rescue $14bn (£10.5bn) worth of cargo stranded round the world following its collapse. Hanjin filed for receivership in South Korea last week after attempts to bail out the indebted company failed. Ports have refused to accept Hanjin cargoes without guarantees that port fees will be paid. However, creditors, banks and the South Korean government are all reluctant to put up the cash. The global economic downturn, fierce competition and falling prices has hit profits across the cargo shipping industry and Hanjin collapsed with debts of about $5.4bn (£4.1bn) last month. There are an estimated 89 Hanjin ships out of its 141-vessel fleet in difficulty, and some have been seized by creditors. The ships contain everything from computer parts to perishable food with many of the cargoes destined for the Christmas market in the US and Europe. Cargoes ahoy Samsung Electronics has said it has goods w...