Dive Brief:

• The U.S. Bankruptcy Court in NJ approved Ch. 15 protection for Hanjin on Tuesday, ensuring the carrier's ships would not be seized upon landfall to the U.S.
• The decision is temporary, however, and Hanjin must return to court on Friday for a final decision consider other stakeholders, according to a Reuters report. The judge cited Hanjin's parent company's promise to raise over $90 million as a reason to allow the process. 
• Fear of arrest had led various ships to float off the coast of U.S. ports, leaving millions of dollars worth of goods stranded and various retailers without essential inventory during peak season. The U.S. would be the third country to approve protection for the shipping line. 

Dive Insight:

The temporary decision provides a simmer of hope that the crisis will soon be resolved, but it is important to note the protection extends solely to the carrier's vessels and not to the goods they carry. 

As of Monday, over 70 ships had been denied port access worldwide and a map by Transplace suggests at least 6 Hanjin vessels were awaiting entry off the U.S. coast. The U.S. never denied the ships entry, but creditors retained the right to privately arrest the vessels in exchange for payment.

Now, U.S. ports cannot seize ships but they can still demand payment for other services, notably unloading, releasing and transferring goods to freight forwarders. As a result, the brunt of the cost is being felt by the customers and partner freight forwarders.

In response, various actors have demanded intervention from governments to ensure goods are delivered despite bankruptcy courts' impending resolutions. A delegation from CA, the European Shippers' Coalition, Dutch freight forwarders and Samsung — which reported $38 million worth of goods stranded in Hanjin ships — have all sought legal means to resolve the crisis. 

Meanwhile, Korea's task force on the crisis has dispatched Hyundai Merchant Marine to rescue stranded cargo and direct it to select ports where they can freely unload and distribute the goods. And, in other news, two Scandinavian shipping lines recently merged in order to mitigate the effects of the bankruptcy.