These Tech Firms Are Caught Up In the Hanjin Shipping Debacle
Samsung (SSNLF) really is having an irritating couple of weeks—not only is it having to recall its flagship Note 7 phone over exploding-battery concerns, but it’s now revealed that about $38 million worth of its products and components are stranded on board two Hanjin ships.
Hanjin Shipping, like Samsung a South Korean firm, collapsed last week. Ports are blocking dozens of its ships and it’s desperately trying to avoid the vessels’ seizure by creditors.
The company’s parent, Hanjin Group, on Tuesday promised to raise around $90 million—including $36 million of chairman Cho Yang-ho’s personal assets— to offload the billions of dollars’ worth of cargo that’s stuck on those ships.
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And some of that cargo, it turns out, belongs to Samsung.
According to Bloomberg, there are 312 containers aboard Hanjin ships carrying Samsung’s refrigerators, washing machines, microwaves and dishwashers.
Meanwhile, there are 304 containers packed with parts and finished products for Samsung’s visual display unit. All in all, Samsung is having to contemplate organizing air transport for 1,469 tons of goods.
And it’s not the only tech company caught up in the Hanjin mess. Per the Wall Street Journal, Hewlett-Packard (HPE) also has 500 containers of its Chinese-made computers on the South Korean firm’s ships.
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HP said it desperately needed to get those PCs and printing supplies off the ships and into stores because of promotions ahead of the holiday season—142 of the containers are bound for the U.S. and HP said failure to offload the stock would cause “irreparable harm” to its business.
Fortunately for HP, U.S. bankruptcy judge John Sherwood on Tuesday granted Hanjin temporary protection from its creditors, to allow its ships to dock and offload.