South Korea's Hanjin Shipping Company challenges are credit positive for competing rated liners, said Moody's Investors Service in a report.
The report states that disruption to cargo services by Hanjin Shipping has temporarily pushed up spot freight rates as other operators step in to plug the gap.
"Hanjin's woes are occurring at a time traditionally considered the busiest time of the year for the industry. Among those who stand to benefit from higher rates in the short term are Maersk Line, Hapag-Lloyd and CMA CGM," said Maria Maslovsky, a senior analyst at Moody's.
Hanjin filed for court receivership on 31 August. The length of the disruption is uncertain although slow progress is being made.
Hanjin Shipping's parent company, the Hanjin Group, and its chairman have announced plans to provide financing to the troubled firm to help fund the unloading of its cargo ships.
“Still, given the dire straits in which the container shipping industry finds itself in the current environment, a temporary removal of Hanjin's ships from operation will provide a much-needed boost to cash flows,” Maslovsky said.
She added that even a few weeks of operations at improved freight rates during liners' busiest quarter when retailers prepared for the Christmas season would be a plus for the third quarter results of container liners.
