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Business

Hope for Kimchi bobbing off the coast of CA

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Business

Hope for Kimchi bobbing off the coast of CA

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COMING UP:Hope for Kimchi bobbing off the coast of CA

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00:00:00
>> 80 tons of spicy kimchi bobbing off the coast of California may be able to avoid the risk of spoil. They're on three South Korean vessels by Hanjin, which went belly up last week. But Friday, Hanjin was granted provisional protection from creditors by a US judge, clearing the waters for them to dock without being seized but it's not clear how much that will help.
00:00:23
Ports around the world fearing they won't be paid for docking and unloading have been rejecting some ships. In other cases, concerned the vesicle can be seized by creditors have kept them floating near by waiting for orders on their next moves. And containers from Hanjin ships have been piling up in ports as operators hold onto them until they're paid for handling fees.
00:00:44
Reuters bankruptcy reporter Jim Christie in San Francisco.>> Just over my shoulder you can see the port of Oakland, California. There are about 200 Hanjin shipping containers there that have been held in limbo since the company filed for bankruptcy. Normally, Hanjin ships that first visit Southern California come to the Port of Oakland.
00:01:01
So currently the Port of Oakland is just waiting to see really what happens with developments in Southern California.>> Around $14 billion worth of cargo has been stranded like this globally during a period that's critical to moving goods for the big pre-holiday shopping season. Some cargo shippers have forked out thousands of dollars in fees to terminal owners and truckers to reclaim their goods from Hanjin ships.
00:01:24
And Friday, the judge asked companies to hammer out an agreement to try to get the goods moving again. Hanjin has suggested cargo owners were free to pay cargo handling fees it owed. And Samsung Electronics lashed out, calling that ransom payments.