Textainer says it may incur significant costs from Hanjin’s bankruptcy

The container leasing company said as of Sept. 2, approximately 4.8 percent of its total owned and managed fleet, in terms of TEUs, was leased to the South Korean ocean carrier.    The container leasing company Textainer said it may incur significant costs from Hanjin filing for bankruptcy, regardless of whether or not the South Korean shipping company continues operations or is liquidated.
   However, Textainer said it is currently unable to quantify the specific financial impact related to Hanjin.
   As of Sept. 2, approximately 4.8 percent of its total owned and managed fleet, in terms of TEUs, was leased to Hanjin, Textainer said last week in a filing with the Securities and Exchange Commission.
   “A portion or all of the receivables due from Hanjin may not be collectible,” Textainer said. “Significant costs may be incurred in recovering, repairing, re-positioning and re-leasing those containers released to Hanjin and the rates achieved for re-leased containers may be substantially below the lease rates paid by Hanjin.”
   Textainer added that it “maintains insurance that covers certain losses and costs incurred due to customer default. However, this insurance has material deductibles, exclusions and limitations, and therefore may not fully protect Textainer from losses arising from the Hanjin default.”