Ag Groups Urge Swift Resolution on Shipping Company Bankruptcy

Dan General, Industry News Release

Agriculture groups, including the American Soybean Association, are asking the U.S. Commerce Department to assist in finding a quick resolution to the Hanjin (Han-gin) Shipping Company bankruptcy. A letter to the Commerce Department expressed concern and anxiety among shippers, as to when the South Korea-based shipper would be allowed to enter ports, if their goods will be seized by Hanjin’s creditors once they are docked and the status of cargo that remains at overseas ports. South Korea said Friday it appears the company had built up enough cash to unload goods. At the beginning of this month, Hanjin filed for bankruptcy. By mid-month, the International Longshoremen’s Association refused to work Hanjin containers at East Coast and Gulf Coast ports because of Hanjin’s debts. Other agricultural groups signing onto the letter include the American Farm Bureau Federation, the National Grain & Feed Association, the National Pork Producers Council and the National Cattlemen’s Beef Association.

From the National Association of Farm Broadcasting news service.