Winehole23
09-03-2016, 11:17 AM
“The insolvency of Hanjin Shipping, the world’s seventh largest container line, is likely to have a significant impact throughout the maritime sector” [Splash247 (http://splash247.com/hanjin-rehabilitation-next/)].
“Shipowners’ Hanjin exposure tops $1bn as arrears mount” [Lloyd’s List (https://www.lloydslist.com/ll/sector/finance/article535596.ece)]. “THE unprecedented Hanjin Shipping debacle has put shipowners in a tough spot with regards to damage claims. Danaos, Seaspan and Navios Maritime Partners each have vessels chartered to Hanjin, with over $1bn in total contracted revenues….”
“Woes at Hanjin, South Korea’s largest sea container shipping firm and the world’s seventh-biggest with a 2.9 percent market share, are derailing the supply chains of companies that need to send goods well in advance of the year’s biggest shopping season as Thanksgiving and Christmas holidays approach. TVs, cars and sneakers sail about 10 days to reach Los Angeles from Asia while they could take as many as 30 days to Rotterdam” [Seattle Times (http://www.seattletimes.com/business/hanjin-bankruptcy-stalls-global-shipments-of-consumer-goods/)].
“South Korea’s decision to withdraw support for its largest shipping company has sent shock waves through an ailing global industry. It also shows Seoul’s toughening stance when it comes to troubled firms” [Wall Street Journal (http://www.wsj.com/articles/south-koreas-hard-line-on-hanjin-shipping-signals-new-attitude-1472797746), “South Korea’s Hard Line on Hanjin Shipping Signals New Attitude”]. “Hanjin Shipping Co. ‘s potential bankruptcy would be the largest container-shipping failure in history, dwarfing all previous carrier bankruptcies, says shipping consulting firm Alphaliner. Not knowing whether they would get paid, ports and handlers from South Korea to China, the U.S., Canada, Spain and elsewhere have refused to handle its cargo. That has stranded 45 ships at sea, according to the company, and more than half a million containers.”
“‘The biggest problem is what is going to happen to cargos at sea. We are just praying that our cargos are not seized,’ said Ra Kyung-moon, executive vice president at Forman Shipping, a freight-forwarding firm in Seoul” [Fortune (http://fortune.com/2016/09/02/hanjin-shipping-ports-us-firms/)]. “Freight-forwarding firms, which organize shipments, may be held liable for customer cargo that doesn’t arrive and are also worried about the recovery of funds paid to Hanjin in advance for services promised.”
“A Hanjin spokeswoman told Reuters that 44 of its 98 container ships had been denied access to ports including Shanghai, Sydney, Hamburg, and Long Beach, California” [Fortune (http://fortune.com/2016/09/02/hanjin-shipping-ports-us-firms/)]. “These include instances where lashing firms have refused service, or where port authorities have blocked entry.”
“‘Retailers’ main concern is that there (are) millions of dollars’ worth of merchandise that needs to be on store shelves that could be impacted by this,’ said Jonathan Gold, the [National Retail Federation’s] vice president for supply chain and customs policy. ‘Some of it is sitting in Asia waiting to be loaded on ships, some is already aboard ships out on the ocean and some is sitting on U.S. docks waiting to be picked up. It is understandable that port terminal operators, railroads, trucking companies and others don’t want to do work for Hanjin if they are concerned they won’t get paid'' [US News (http://www.usnews.com/news/business/articles/2016-09-02/hanjin-bankruptcy-causes-global-shipping-chaos-retail-fears)].
“The turmoil can only aggravate problems for retailers grappling with the challenges and high costs of e-commerce and at a crucial time. Those most likely to be affected include Wal-Mart Stores Inc., Target Corp. , J.C. Penney Co. and clothing retailers” [Wall Street Journal (http://www.wsj.com/articles/hyundai-ships-take-cargo-delayed-by-rival-hanjins-bankruptcy-protection-filing-1472747412), “Retailers Seek U.S. Help With Shipping Crisis”].
http://www.nakedcapitalism.com/2016/09/200pm-water-cooler-922016.html
“Shipowners’ Hanjin exposure tops $1bn as arrears mount” [Lloyd’s List (https://www.lloydslist.com/ll/sector/finance/article535596.ece)]. “THE unprecedented Hanjin Shipping debacle has put shipowners in a tough spot with regards to damage claims. Danaos, Seaspan and Navios Maritime Partners each have vessels chartered to Hanjin, with over $1bn in total contracted revenues….”
“Woes at Hanjin, South Korea’s largest sea container shipping firm and the world’s seventh-biggest with a 2.9 percent market share, are derailing the supply chains of companies that need to send goods well in advance of the year’s biggest shopping season as Thanksgiving and Christmas holidays approach. TVs, cars and sneakers sail about 10 days to reach Los Angeles from Asia while they could take as many as 30 days to Rotterdam” [Seattle Times (http://www.seattletimes.com/business/hanjin-bankruptcy-stalls-global-shipments-of-consumer-goods/)].
“South Korea’s decision to withdraw support for its largest shipping company has sent shock waves through an ailing global industry. It also shows Seoul’s toughening stance when it comes to troubled firms” [Wall Street Journal (http://www.wsj.com/articles/south-koreas-hard-line-on-hanjin-shipping-signals-new-attitude-1472797746), “South Korea’s Hard Line on Hanjin Shipping Signals New Attitude”]. “Hanjin Shipping Co. ‘s potential bankruptcy would be the largest container-shipping failure in history, dwarfing all previous carrier bankruptcies, says shipping consulting firm Alphaliner. Not knowing whether they would get paid, ports and handlers from South Korea to China, the U.S., Canada, Spain and elsewhere have refused to handle its cargo. That has stranded 45 ships at sea, according to the company, and more than half a million containers.”
“‘The biggest problem is what is going to happen to cargos at sea. We are just praying that our cargos are not seized,’ said Ra Kyung-moon, executive vice president at Forman Shipping, a freight-forwarding firm in Seoul” [Fortune (http://fortune.com/2016/09/02/hanjin-shipping-ports-us-firms/)]. “Freight-forwarding firms, which organize shipments, may be held liable for customer cargo that doesn’t arrive and are also worried about the recovery of funds paid to Hanjin in advance for services promised.”
“A Hanjin spokeswoman told Reuters that 44 of its 98 container ships had been denied access to ports including Shanghai, Sydney, Hamburg, and Long Beach, California” [Fortune (http://fortune.com/2016/09/02/hanjin-shipping-ports-us-firms/)]. “These include instances where lashing firms have refused service, or where port authorities have blocked entry.”
“‘Retailers’ main concern is that there (are) millions of dollars’ worth of merchandise that needs to be on store shelves that could be impacted by this,’ said Jonathan Gold, the [National Retail Federation’s] vice president for supply chain and customs policy. ‘Some of it is sitting in Asia waiting to be loaded on ships, some is already aboard ships out on the ocean and some is sitting on U.S. docks waiting to be picked up. It is understandable that port terminal operators, railroads, trucking companies and others don’t want to do work for Hanjin if they are concerned they won’t get paid'' [US News (http://www.usnews.com/news/business/articles/2016-09-02/hanjin-bankruptcy-causes-global-shipping-chaos-retail-fears)].
“The turmoil can only aggravate problems for retailers grappling with the challenges and high costs of e-commerce and at a crucial time. Those most likely to be affected include Wal-Mart Stores Inc., Target Corp. , J.C. Penney Co. and clothing retailers” [Wall Street Journal (http://www.wsj.com/articles/hyundai-ships-take-cargo-delayed-by-rival-hanjins-bankruptcy-protection-filing-1472747412), “Retailers Seek U.S. Help With Shipping Crisis”].
http://www.nakedcapitalism.com/2016/09/200pm-water-cooler-922016.html