1. LG Electronics says cancelling orders with Hanjin Shipping

LG Electronics says cancelling orders with Hanjin Shipping

South Korea's LG Electronics Inc said on Thursday it is cancelling orders with Hanjin Shipping Co Ltd and seeking alternatives after the troubled container shipper filed for court receivership.

By: | Published: September 1, 2016 8:41 AM
lg electronics An LG spokeswoman told Reuters the firm is also setting up countermeasures for cargo already on board Hanjin ships in the event the vessels might be seized. (Reuters)

South Korea’s LG Electronics Inc said on Thursday it is cancelling orders with Hanjin Shipping Co Ltd and seeking alternatives after the troubled container shipper filed for court receivership.

An LG spokeswoman told Reuters the firm is also setting up countermeasures for cargo already on board Hanjin ships in the event the vessels might be seized. She said LG has been shipping products such as televisions and home appliance products through Hanjin but did not comment on exact volumes.

Hanjin on Wednesday filed for court receivership after creditor banks decided to end financial support. A Hanjin vessel was seized in Singapore on Monday, while some ports are denying entry to the company’s ships on concerns that South Korea’s top container shipper will not be able to pay fees.

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