Hanjin has gone bust

[zaax]

cnbc.com/2016/08/31/hanjin-s … onhap.html

The collapse of South Korea’s Hanjin Shipping sent ripples though global trade on Thursday, as the country’s largest port turned away its ships and as some manufacturers scrambled for freight alternatives.

Hanjin on Wednesday filed for court receivership after its banks decided to end financial support, and ports from China to Spain, the United States and Canada have refused entry to Hanjin vessels in what is traditionally the industry’s busiest season ahead of the year-end holidays.

An official with Hanjin Shipping in Busan confirmed that its vessels were not entering the southern city’s port as container lashing providers deny service on concerns that they will not be paid. The company was also worried that the ships may be seized by creditors.

[blue_estate]

Blimey if they can go up the swanny then what hope have smaller firms

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[freight_dog]

Maybe a short term boost on air freight as a result with the messed up lead times. When I was air freighting we picked up a load of work from LA as a result of the Long beach dock worker strikes

Hanjin going bust is not good for hauliers. Long term it may allow rates to go up as capacity is reduced. Far east is pretty flat these days though so maybe not. Who knows.