Posted on 09/08/2016 4:45:48 PM PDT by dynachrome
But while manufactured cargo can survive indefinitely, crews on ships can not, and as Hanjin ships drift at sea, their crews face increasing uncertainties and diminishing supplies. “We usually have food and water for about two weeks,” said the captain of a Hanjin-operated ship speaking by satellite phone from the South China Sea. But, after 12 days at sea, “everything is getting tight—food, water and fuel,” he said.The captain added that he is rationing water and cutting back air conditioning to save energy.
“The heat is driving the crew crazy,” he said. His ship was carrying lubricants and home appliances from South Asia to a Chinese port, but last Thursday, he was told to stop, as the ship could be seized at its destination.
Adding to the confusion, the WSJ adds that shippers and brokers said the Korean government has designated only three so-called base ports—Los Angeles, Singapore and Hamburg—where Hanjin vessels can unload shipments without risk of being seized by creditors.
(Excerpt) Read more at zerohedge.com ...
Or maybe they'll be taking a look-see at what's in the containers?
I see the storyline for a pretty good horror movie.
What will this do to the BDI? (Baltic Dry Shipping Index)
"WAS"?
Dropping off at LA probably means Christmas shopping will go on as usual. At least in the lower 48.
go to port.... nothing the locals can do about it
This could have some serious ripple effects.
Paging Tom Hanks...
This is actually a pretty big deal. A major indicator of the world economic health. Freight volume is way down all over.
Maybe they slipped out of the hold. I hear lubricants can be pretty dang slick!
Sounds like there are major league pirate opportunities to plunder all that cargo legally. Once the ship is derelict and commandeered, it's your ship now. Screw the owners of the vessel or cargo.
None in Korea, I notice.
Except seize the ship.
I believe according to maritime salvagers law that is correct
Ping
I ordered 2 watches in May and now I know where they are
JIT: Just In Time (ordering)
What a great business idea that was!
Baltic Dry Index was 792.00 today.
Lowest was 290 on 2/10/16.
Sure there is. The authorities can seize the ships to ensure that the creditors in their own countries get paid. That’s the whole point of the news story.
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