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Judge tells Hanjin Shipping to relinquish all of its chartered vessels

Judge tells Hanjin Shipping to relinquish all of its chartered vessels
The container ship Hanjin Boston is unloaded at the Port of Los Angeles on Tuesday, before being returned to its owner, according to a company executive. (Reed Saxon / Associated Press)

A South Korean judge early Monday morning ordered Hanjin Shipping Co. to return all of its chartered ships to their owners as a part of the company's bankruptcy proceeding, a company executive said.

Hanjin filed for bankruptcy on Aug. 31 and recently began unloading cargo at ports across the globe, after being denied access for several days.

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The South Korean carrier will finish discharging all of the cargo on its 63 leased vessels, and then return them to their owners, said Mike Radak, the chief operating officer of Hanjin Shipping America, LLC.

"Once it's empty, we hand the keys over to the chartering company," Radak said.

Three ships that made their final stops at U.S. ports have already been returned to the chartering companies, according to Radak. He said the company plans to bring the 41 vessels that it owns back to Busan, South Korea, once they've delivered all their cargo.

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