SEOUL, South Korea – South Korea's top economic policymaker says he expects Hanjin Shipping vessels marooned offshore of Long Beach, California, will be able to offload cargo this week.
Finance Minister Yoo Il-ho said Wednesday that the cargo crisis caused by Hanjin's slide toward bankruptcy will begin to ease this week.
South Korea's biggest ocean shipping line is seeking protection from its creditors in dozens of countries. A U.S. federal judge has temporarily granted Hanjin's request for protection from its creditors and scheduled a hearing for Friday. He expects a ruling in Hanjing's favor.
Hanjin, the world's seventh largest ocean shipper, filed for bankruptcy protection last week, sending retailers and other companies worldwide scrambling to get at cargo on Hanjin vessels that have been stranded outside ports.