Bankrupt shipping giant trying to ease cargo chaos fears

Hanjin Shipping Co., the world’s seventh-largest container shipper, is working to ease the potential cargo chaos caused by its bankruptcy filing last week.



The filing rose concerns among some of the nation’s biggest retailers that some merchandise may not arrive in time for the crucial holiday season, blooomberg.com reported.



Hanjin is seeking stay orders in 43 countries around the globe to protect its vessels from being seized due to legal actions by creditors, according to the report.



“The government is trying to extinguish the most immediate fire,” Kim Tae Il, a research analyst at the Korea Maritime Institute in Busan, told Bloomberg. “This is going to help ease some of the bottlenecks in the supply chain. So those toys held up in container boxes will be able find their way to consumers.”



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