OAKLAND (CBS SF) — A major mover of cargo into West Coast ports has declared bankruptcy and now their tankers are getting turned away.
Hanjin Shipping Company, whose tankers frequent the Oakland’s port, filed for bankruptcy.
The South Korean company is one of the top three largest shipping companies in the world but has been fighting an uphill battle ever since the market crash of 2008.
Hanjin also owns Korean Air, whose earnings earning have kept their shipping branch above water.
California ports are turning the tankers away.
The Port of Oakland released a statement saying, “it will release loaded Hanjin import containers to customers if they make a full payment in advance.”