Ships, Crews, Containers Paralyzed In Hanjin Bankruptcy

You’ve seen their name on shipping containers that speed down our rails and highways and on the sides of those giant ships that carry goods to this nation.

Since the Korean carrier, Hanjin, declared bankruptcy on Wednesday, ports and terminals are holding the containers of goods and not allowing their ships to dock and unload for fear of not getting paid. Something like 540,000 containers of goods are jamming up the just-in-time logistics networks of our modern economy and they may not start moving for months.

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Why Hanjin went bankrupt Here

 

13 Comments on Ships, Crews, Containers Paralyzed In Hanjin Bankruptcy

  1. My company has millions of dollars of inventory on those ships, or stuck in customs at their terminals. This is not good.

  2. I visited my brother who was stationed in Panama the summer of 1990. His yard literally dropped off into the Pacific at the southern entrance of the Panama Canal. So, it was a parking lot for ships waiting their turn. Rust buckets and glittering cruise ships, container ships and tramp steamers.

    But the oddest looking were the car transporters. They didn’t look like ships at all. More like someone had sawn off the top of a big building and dropped it in the water. Ugly things.

  3. “Earlier this week, creditors led by the Korea Development Bank rejected a plan by Hanjin Group to spend another 500 billion won ($447.2 million) to rescue the shipping firm, way short of Hanjin Shipping’s more than 6 trillion won ($5.37 billion) in debts. Some commentators urged the Cho family to sell off some of their own properties to help save the company.”

    Yeah, that’s a problem

  4. Nearly all of the 2016 Christmas inventory is in transit from China right now, with a significant chunk on Hanjin ships, or consigned to Hanjin ships. It will take months to sort this out, and it may very well severely impact the biggest consumer shopping season of the year. Many retailers make book at Christmas, and if they cannot get inventory, they are screwed to the wall.

    The railroads and trucking companies that make book moving those containers all over the country are going to be vastly under employed as well. Hanjin may well prove to be the first of several rather large dominoes to fall, & when they hit they will make a big badda boom.

    There is nothing good about this for the American economy and will only serve to reinforce just how many American jobs have been exported overseas, along with just how fragile the shipping link really is. Never mind the fact that all of it has to transit the South China Sea as well…

  5. let,s start makin’ stuff
    over here.What a novel idea.
    We have lot’s of folks that could
    work at the factories.Never mind,It
    ain’t part of the commie/demorat/progressive plan….

  6. So all that cheap chinese shit they sell at wally world won’t make it…including the frozen chicken? They’ll probably just re-freeze that shit and keep it going…just change the sell by dates on it.

  7. make America great again (although its still pretty good
    compared to most ) bring back all the jobs from other
    countries and start selling our stuff to them…..

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