Hanjin Shipping’s drift into receivership is roiling global trade as its ships are refused entry at ports – or seized – and freight rates surge.
Reuters has tracked the developing story with updates through the last weeks of August – including an August 29 report on the decision by its creditor banks to stop supporting South Korea’s largest shipping company, picked up by (among others) The Maritime Executive.
The impact on trade is likely to be widespread. As the Reuters news feed notes, Hanjin Shipping “ranked sixth in market share for Asia-North America shipping routes in the first half of 2016 based on cargo volume, according to trade data provider Datamyne.” Nor is Hanjin the only carrier facing financial headwinds.
Read “Banks to End Support for Hanjin Shipping” from The Maritime Executive >