SAN FRANCISCO: September 10, 2016. U.S. box leasing company CAI International says it has 15,000 TEU with Hanjin Shipping valued at US$40 million, some two percent of its rental assets.
In a statement to reassure shareholders and customers, the company said its exposure to Hanjin's bankruptcy filing is likely to be US$2.6 million relating to income prior to the third quarter of 2016, which is not insured and may not be recovered, and up to the US$2 million deductible on its insolvency insurance policy.
With 1.2 million containers, CAI said its share of the global container leasing market is 6.0 percent and approximately 2.0 percent of Hanjin's leased container fleet.
"Based on our prior experience, we believe that most of our containers will be recovered. Our units on lease to Hanjin were manufactured for CAI in our color, with our logo and markings, which should assist with recovery and re-leasing efforts," the company said.
Meanwhile MSC, which has a capacity sharing agreement with Maersk, has announced it will begin a new transpacific service from September 15 to assist shippers affected by the Hanjin crisis.
MSC's new sailing, called 'Maple', will operate with six 5,000 TEU capacity vessels between Busan, South Korea, Shanghai, Yantian and Prince Rupert, Canada.
In order to cover the expected high demand for space, the company said the first two sailings would call at Yantian, Shanghai, Busan and Long Beach.
Last week Maersk said it expected "minimal disruption" of its customers' cargo on two of Hanjin's operated vessels, Maersk Sebarok and Maersk Senang, currently sailing on its Chennai Express service between Far East Asia and South East India.
Maersk added that customers should not be concerned about two chartered vessels sailing on its 'Mashariki' service between Far East Asia and East Africa. The Hanjin New Jersey and Hanjin Florida are not owned by Hanjin and are operated by Maersk.