Hanjin’s bankruptcy hits Long Beach results

The US Port of Long Beach has suffered a 6% year-on-year drop to 6.8m teu in its 2016 container volumes.

The port, which handled 7m teu the previous year, attributed the fall to the factors including the changes in ocean carrier alliances and the bankruptcy in August 2016 of the South Korean Hanjin Shipping, which was a former majority stakeholder at the port’s largest container facility.

At the end of 2016, the Harbour Commission approved an agreement for a subsidiary of the Mediterranean Shipping Company (MSC) to take sole control of the long-term lease at the 381-acre Pier T container terminal.