Haunting Pictures Of A Transportation Recession As Freight Rail Traffic Plunges
Kind of hits home.
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 ...
I don't think it will affect it much. Hanjin is more of a container shipper than a dry bulk shipper.
BDI has been trending upward since early August. Since Hanjin declared bankruptcy on 31 August, the rate of increase has accelerated.
The low point was 290, which happened on 10 February 2016. It is today at 773, having increased 3.76% since yesterday.
It closed at 636 on 31 August; today's price is 22% higher than that.
Since the day Hanjin declared BK, it is up 9%.
Haunting Pictures Of A Transportation Recession As Freight Rail Traffic Plunges
Kind of hits home.
Why? Isn't Ripple distilled here in the USA? On a daily basis?
That is off I-10, east of Tucson, Arizona
This is actually a pretty big deal. A major indicator of the world economic health. Freight volume is way down all over.
Why? I am trying to understand this. Is this worldwide or just China/Asia exports?
I find it amazing that all the products can be tracked and delivered.
Im an OTR trucker. My company and others like it have seen a 30% rediction in freight moved in the last year. The implications of that are vast. Not only to the transportation and related industries but also to the people who need goods to be moved. Hanjin is like a huge canary in a coal mine.
Entrepreneurial opportunity for a ship owner to approach and barter food, water and fuel for a few selected containers...
I still don’t get why, consumer spending is up for 2016. Maybe the numbers on consumer spending is bogus like the unemployment numbers...??
Inflation??
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