The Long Beach Board of Harbor Commissioners will weigh an offer to purchase the largest container terminal at the Port of Long Beach (POLB), with Terminal Investment Limited (TIL) offering to take over a majority stake in a long-term lease. The offer comes in the wake of Hanjin Shipping’s August declaration of bankruptcy, which continues to affect the POLB’s cargo traffic.
The Hanjin bankruptcy and shifting alliance routes have continued to affect the Port of Long Beach’s (POLB) cargo volumes, resulting in container traffic at 13.8 percent lower in November 2016 than November of 2015.
About 6,000 empty Hanjin-leased cargo containers are sitting on chassis at the Port of Long Beach right now after the Korean shipping company—one of the world’s top container carriers—filed for bankruptcy in late August, prompting port officials to partner with a terminal operator in clearing the backlog.
Port of Long Beach (POLB) officials announced today that container volumes dropped 16.6 percent year-over-year in September following Hanjin’s bankruptcy filing late August.
More than a week after the world’s seventh-largest shipping company filed for bankruptcy, three of its vessels remained stranded near the Port of Long Beach (POLB) as of Thursday afternoon, amid continued efforts by various industry and government officials to continue the movement of goods.
Hanjin Shipping, one of the world’s top container carriers, announced this week its decision to file for bankruptcy protection, forcing many container vessels into a liquid limbo as port terminals, including the Port of Long Beach, have stopped handling Hanjin cargo.