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Post by backshophoss on Sept 4, 2016 0:32:55 GMT -5
One of the largest/oldest containership companies has declared Bankruptcy,Hanjin,based in South Korea,shut down on Fri 09/02/16,Some of their containerships are tied to a dock or offshore anchorage,are stuck,with a bunch of unpaid bills, NO body will unload the ships,or move their containers anywhere,or unload them. It's unknown how long it will take to cleanup the legal mess left behind,or who is effected by this! Most of the Major retail chains got their "X-mas" products delivered to portside warehouses by now, but any model RR products enroute via Hanjin will be "stuck" for a few months. Figure on a price increase on anything from China to cover higher shipping costs as other containership companies try to take avantage of Hanjin's bankruptcy  All we can do is wait and hope it was not shipped in a Hanjin container or ship.  |
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Post by backshophoss on Sept 4, 2016 23:06:58 GMT -5
There's a Reuters report that Hyundai Merchant Marine will aquire the remains of Hanjin,I have not seen anything from another source to confirm this for now. There're ripples across all major retailers,and all smaller retail chains and "mom and pops" type stores from this bankruptcy. There have been legal motions made to expidite the transfer of assets and get the freight caught in this mess released and moving...  An update:A bit of digging on Bing found a Bloomberg report that Hyundai Merchant Marine is interested in aquiring some of the Hanjin ships and other assets. There are court proceedings across the world due to the Hanjin Bankruptcy...  |
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Post by slowfreight on Sept 7, 2016 16:26:16 GMT -5
Hanjin was the first large victim of the overcapacity problem in the container shipping industry. Been following it on Lloyd's Loading List, and several ports have been designated as sanctuaries for Hanjin vessels where they won't immediately get seized upon arrival--Long Beach is one of them.
Spot prices for box movement are up 40% in the last week, but that's only spot pricing and general rates are still abysmal. Apparently folks saw this coming with Hanjin and several forwarders indicated that they were not using it.
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Post by antoniofp45 on Sept 10, 2016 17:10:52 GMT -5
Hopefully Walther's and Horizon's shipments were not onboard the Hanjin ships. Hanjin was the first large victim of the overcapacity problem in the container shipping industry. Been following it on Lloyd's Loading List, and several ports have been designated as sanctuaries for Hanjin vessels where they won't immediately get seized upon arrival--Long Beach is one of them. Spot prices for box movement are up 40% in the last week, but that's only spot pricing and general rates are still abysmal. Apparently folks saw this coming with Hanjin and several forwarders indicated that they were not using it. |
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Post by slowfreight on Sept 10, 2016 17:57:27 GMT -5
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Post by backshophoss on Sept 10, 2016 19:16:35 GMT -5
There will be "fallout" from Hanjin's bankruptcy,that will take time to clear up,the only "given" is there will be some freight "bumped" from sailing untill this mess is cleaned up,any reported shippng dates should be taken "with a grain of salt" for the near future.  And a price increase to cover shipping costs may follow.  Let's hope the worst effects from this will be temporary.  |
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