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 ...
Hell, they’ll blame him for the 9/11 attacks before the election. They are THAT DESPERATE..................
Seems like a good thing, to me. Well not good, but at least a capitulation by the government.
Too much capacity is now reduced. Shipping prices will reflect that.
At least it seems so to my simple mind.
U.S. unions will probably see this as an opportunity to strike for higher pay and benefits.
Welcome to RECOVERY SUMMER #8 ,, just in time to upset seasonal (Christmas) deliveries to west coast USA....
——Maybe that will stop now.................———
Point of order....... first, Trump must be elected
do you rember the dime stores?
Ben Franklin Five and Dime! Woolworths/Woolco, TG&Y...............
A+Bert! wow - you’ve come and gone.
au contraire mi amigo (a little frogmex lingo there)
there are several bert s still around but bert I believe is the original real thing
bert
A+Bert
Walley-bert
Razorback-bert
Rahbert
Dalebert
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