Wednesday, September 7, 2016

The World Economy is Stumbling and Shipowner Hanjin Has Filed For Bankruptcy

From the Washington State labor blog, The Stand:
In today’s Seattle Times — Bankruptcy of Hanjin, key Port of Seattle customer, stalls shipments of consumer goods — Hanjin Shipping Co.’s vessels are getting stranded at sea after the South Korean container mover filed for court protection, roiling the supply chain of televisions and consumer goods ahead of the holiday season. Hanjin is the key user of Seattle’s Terminal 46. The Port of Seattle agreed to millions of dollars in improvements to the terminal in 2012 to assure Hanjin remained a customer.

From KING — Hanjin Shipping files for bankruptcy — Marine ports worldwide, including in the Northwest, are scrambling after South Korea’s Hanjin Shipping filed for bankruptcy Wednesday.

Business Insider: There's now a fleet of ghost ships with nowhere to go after its owners went bankrupt

Seeking Alpha. Part 1: Hanjin Bankruptcy: What Does It Mean To The Global Containerized Shipping Industry? Part 2: Hanjin Bankruptcy, Part 2: Shipping Industry Must Find Solutions Beyond Alliances And Mergers

This is very odd. We keep hearing the world economy is OK, and now this. If trade with Asia is falling, the economy is not OK.

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