Posted on 09/01/2016 6:23:59 AM PDT by Enlightened1
South Korea's biggest shipping firm, announced the filing for receivership and a request to the court to freeze its assets, which the Seoul Central District Court planned to grant, a judge told Reuters.
As part of the company's insolvency process, the court will now decide whether Hanjin Shipping should remain as a going concern or be dissolved, a process that usually takes one or two months but is expected to be accelerated in Hanjin's case, the judge said. A bankruptcy for Hanjin Shipping would be the largest ever for a container shipper in terms of capacity, according to consultancy Alphaliner, exceeding the 1986 collapse of United States Lines.
The question now is whether as a result of the bankruptcy process there will be an unexpected failure in the global supply-chain: South Korea's oceans ministry estimates a two- to three-month delay in the shipping of some Korean goods that were to be transported by Hanjin Shipping, and plans to announce in September cargo-handling measures which could include Hyundai Merchant Marine taking over some routes, a ministry spokesman said on Wednesday.
Making matters worse, Reuters adds that KDB's move to pull the plug was already having an impact on Hanjin's operations, with the company's various shipping assets already frozen. Ports including those in Shanghai and Xiamen in China, Valencia, Spain, and Savannah in the U.S. state of Georgia had blocked access to Hanjin ships on concerns they would not be able to pay fees, a company spokeswoman told Reuters.
(Excerpt) Read more at zerohedge.com ...
“The Flying Dutchman (Dutch: De Vliegende Hollander) is a legendary ghost ship that can never make port and is doomed to sail the oceans forever. The myth is likely to have originated from 17th-century nautical folklore. The oldest extant version dates to the late 18th century. Sightings in the 19th and 20th centuries reported the ship to be glowing with ghostly light. If hailed by another ship, the crew of the Flying Dutchman will try to send messages to land, or to people long dead. In ocean lore, the sight of this phantom ship is a portent of doom.”
south korea sinks back into third world status, an entire country now a victim of banksters.
someone out there in business-land should be championing trump. hillary would only institute more mao-like corruption in the usa and from the usa it would spread across the globe.
The obunghole’s roaring economy strikes again!
All of a sudden “just in time” logistics doesn’t seem like such a good idea.
They sit idle as there are very few Super Container Carriers plying the oceans.
bad news.....
a long time ago I shipped a container load to Korea. My customer asked me why it was not delivered.
On checking, I learned the ship including the subject container had been arrested in Japan. The SS line could not pay old fees and certainly not the current fees. There were numerous liens on thier vessel. The company filed bankruptcy during the episode.
It took a while but the container was ultimately delivered to Korea.
Terrible mess....... no e mails just some fax’s back then but mostly expensive phone calls
I still get pissed at the whole episode
——there are very few Super Container Carriers plying the oceans——
dumb post
“If you build it, they will come”
think of the future, not the past
Might just help leveling the pricing field for domestic produced products. Or, everything goes up and up and up!
Probably just as well, now that obama is in office and the seas have stopped rising the growth potential just isn’t there...
Bbbbut the economy is GREAT! Everything is BOOMING! Unemployment is ZERO!................
DOES THAT INCLUDE IF WE BUILD THE WALL?.................
I was thinking the same thing. It’s not just cheap overseas labor hurting us. It’s also cheap shipping to get it over here. Once the competitive advantage is whittled away, the incentive to produce here will rise.
Pretty soon, off shoring is not going to look so great either
That’s a good point!
If shipping costs for overseas goods go up, then domestically produced goods become more economical with ever price rise............
The rest of the world has a bigger stake in defeating Hillary and getting the world economy moving again than they’re willing to admit.
I have said all along, the wall is metaphorical.
Trump is a deal maker. He began real solid negotiations yesterday. We don’t know what transpired in private but I suspect Trump made Nieto fear waking with a dead horse head in his bed.
Nieto will pay for the wall in the form of Federales stopping migration on both Mexican borders.
Consider that all Trump has to do is close the border and allow no traffic except those with American passports seeking to return.
Dollar Tree is gonna have to change their name to TWO DOLLAR TREE!.................
Trumps fault! Is it too early?
I read that Mexico was providing some kind of pass-thru docs for people from other Latin American countries, and ‘others’ probably, to let them pass thru an their way to the US border without any fear of arrest. Maybe that will stop now.................
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