This is reflective of the more general short-term effect from the bankruptcy, in which, due to global excess capacity of vessel space,
other carriers have been able to accommodate Hanjin's customers, tonnage and routes.
The exposure of five Philippine banks to financially distressed Hanjin Heavy Industries and Construction Co. Philippines(HHIC-Phil),
which recently declared bankruptcy after it defaulted on over $400 million in loans, could put pressure on their credit ratings.