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Hanjin Shipping bankruptcy causes turmoil in global sea freight

Discussion in 'YachtForums Yacht Club' started by brian eiland, Sep 4, 2016.

  1. brian eiland

    brian eiland Senior Member

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    The bankruptcy of the Hanjin shipping line has thrown ports and retailers around the world into confusion, with giant container ships marooned and merchants worrying whether hundreds of tonnes of goods being carried by the South Korean company will reach shelves.

    The company filed for bankruptcy protection on Wednesday and stopped accepting new cargo. With its assets frozen, ships were refused permission to offload or take aboard containers because there were no guarantees that tugboat pilots or stevedores would be paid.

    Hanjin is the world’s seventh-largest container shipper and the news left cargo headed to and from Asia in limbo. There were reports that some Hanjin ships had been seized in China on behalf of creditors.

    ....more here:
    https://www.theguardian.com/busines...nkruptcy-causes-turmoil-in-global-sea-freight


    http://www.usnews.com/news/business...tcy-causes-global-shipping-chaos-retail-fears
    Last edited: Sep 4, 2016
  2. HTMO9

    HTMO9 Senior Member

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    One man's poison is another man's meat :). The freight rates are going up. The problem is, that more than half a million boxes are stuck on chained (by creditors) and rejected (by harbours) ships all over the world. We have one of their 1000 ft box carrier blocking a loading position here in Hamburg too. Plus one more 1000 ft box carrier on fire, means 2500 ft of quay wall are blocked for us.

    But life would be boring if everything would be easy.
  3. brian eiland

    brian eiland Senior Member

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    ...this was posted on another forum I participate in....

    I was unaware that they owned Korean Airlines,...one of my favorite airlines for my travel to Thailand :mad:
  4. Danvilletim

    Danvilletim Senior Member

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    We have. 40' container stuffed with iPad cases that is stuck. Thank goodness we air shipped the iPhone 7 cases.
  5. brian eiland

    brian eiland Senior Member

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  6. German Yachting

    German Yachting Senior Member

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