Hanjin Shipping's collapse upsets global trade as vessels are turned away from ports

Seeking to contain the fallout, a South Korean court said it would soon begin proceedings to rehabilitate the carrier - which would allow Hanjin to take legal action in other countries to keep its ships and other assets from being seized.

Rival Hyundai Merchant Marine will also deploy at least 13 of its ships to two routes exclusively serviced by Hanjin, while the South Korean government also plans to reach out to overseas carriers for help.

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Hanjin's banks decided to end financial support for the shipper this week and since then, many of its vessels have either been denied entry to ports or unable to dock as container lashing providers fret that they will not be paid. This includes the port of Busan, South Korea's largest.

The Korea International Trade Association said on Thursday that about 10 Hanjin vessels in China have been either seized or were expected to seized by charterers, port authorities or other parties. That adds to one other ship seized in Singapore by a creditor earlier this week.

The collapse comes at a time of high seasonal demand for the shipping industry ahead of the year-end holidays.