Results 1 to 8 of 8

Thread: Hanjin files for bankruptcy

  1. #1
    Banned


    Blog Entries
    1
    Posts
    7,273
    Join Date
    Apr 2010

    Hanjin files for bankruptcy

    http://www.zerohedge.com/news/2016-0...eezes-ships-ra

    I actually have not read the zero-hedge article yet, (I have read a few MSM sources so far, and nobody is painting a rosy picture about it), but I am sure they are thinking what I am thinking.

    This is a bad omen, if not just bad overall for the global economy.

    I have read elsewhere, however, that shipping prices were in a glut, so the price increases will not effect shipping itself. However, the actual number of ships and containers will not shrink, so the physical glut will still be there, eventually undercutting the shipping price jumps. In all reality, the price jumps are because of the new logistic and bureaucratic mess that has to be sorted out.
    Last edited by UWDude; 09-01-2016 at 11:25 PM.



  2. Remove this section of ads by registering.
  3. #2
    7th largest eh? There's that pesky 7 again.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  4. #3
    There is a massive oversupply of shipping vessels so prices of shipping goods has fallen significantly and it is harder to make money. This will help to reduce some of that over- supply though the problem will be for companies with goods in transit or already booked to use their ships. Some ports are refusing to let the ships into port and unload their cargo unless they are able to pay for the unloading so goods are stuck sitting out at sea. Hanjin has been losing money for years- kept alive by South Korean government supports which finally ended.
    Last edited by Zippyjuan; 09-02-2016 at 11:17 PM.

  5. #4
    Quote Originally Posted by Zippyjuan View Post
    ....kept alive by government supports which finally ended.

    So are you and your progressive Democrat friends shaken by that?
    Quote Originally Posted by TheCount View Post
    ...I believe that when the government is capable of doing a thing, it will.
    Quote Originally Posted by Influenza View Post
    which one of yall fuckers wrote the "ron paul" racist news letters
    Quote Originally Posted by Dforkus View Post
    Zippy's posts are a great contribution.




    Disrupt, Deny, Deflate. Read the RPF trolls' playbook here (post #3): http://www.ronpaulforums.com/showthr...eptive-members

  6. #5
    "It's Bordering Chaos": $14 Billion In Cargo Stranded At Sea, Crews "Go Crazy" On Hanjin Ghost Ships
    http://www.zerohedge.com/news/2016-0...in-ghost-ships

    The fallout from last week's historic bankruptcy of one of the world's biggest shipping lines, Hanjin Shipping, continued with little resolution with as much as $14 billion worth of cargo stranded at sea according to the WSJ, sending cargo owners scurrying to try to recover their goods and get them to customers. Since Hanjin's bankruptcy protection filing, dozens of ships carrying more than half a million cargo containers have been denied access to ports around the world because of uncertainty about who would pay docking fees, container-storage and unloading bills. Some of those ships have been seized by the company’s creditors.

    As Bloomberg adds, 85 Hanjin ships that have been effectively marooned offshore as ports in the U.S., Asia and Europe have turned the company’s ships away. The worry is that Hanjin ships won’t be able to pay port fees or their contents might be seized by creditors, which would disrupt port operations. The global shipping disruption comes just as companies are shipping merchandise to fill shelves and warehouses for the end-of-year holiday season.


    [...]
    Meanwhile, in addition to the stranded cargo, there are other more pressing problems: "Our ships can become ghost ships,” said Kim Ho Kyung, a manager at Hanjin Shipping’s labor union.

    "Food and water are running down in those ships floating in international waters.” As a result, The company has started providing food, water and daily necessities to crews on six Hanjin ships anchored at ports including Rotterdam and Singapore.
    About 70 container movers and 15 bulk ships are stranded at 50 ports in 26 countries, according to Hanjin. One Hanjin captain operating a ship in international waters near Japan said his vessel has been given permission to enter a Japanese port Wednesday to unload cargo, but will be required to head back out soon after.

    However the biggest threat is that being faced by Hanjin's clients, who now find themselves with no products, and recourse.

    About 95% of the world’s manufactured goods—from dresses to televisions—are transported in shipping containers. Though Hanjin accounts for only about 3.2% of global container capacity, the disruption, which comes as retailers prepare to stock their shelves for the holiday season, is expected to be costly, as companies scramble to book their goods on other carriers.

    Analysts don’t expect the snarl to leave U.S. retailers with inventory shortfalls for the holidays, but the longer the logjam drags on, the greater the risk.
    [...]
    The problem retailers face is that there is little precedent how to deal with the fallout. While Hanjin was granted protection by bankruptcy courts in Korea and the U.S., conditions are “bordering chaos,” said Lars Jensen, chief executive of SeaIntelligence Consulting in Copenhagen.

    “With so many Hanjin ships barred from entering ports, shippers have no idea when their cargo will be unloaded.” Jensen added that 43 Hanjin ships are en route to scheduled destinations with no guarantees that they will be allowed to unload. An additional 39 are circling or anchored outside ports. Eight ships have been seized by creditors.
    [...]
    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. [...]
    Based on the idea of natural rights, government secures those rights to the individual by strictly negative intervention, making justice costless and easy of access; and beyond that it does not go. The State, on the other hand, both in its genesis and by its primary intention, is purely anti-social. It is not based on the idea of natural rights, but on the idea that the individual has no rights except those that the State may provisionally grant him. It has always made justice costly and difficult of access, and has invariably held itself above justice and common morality whenever it could advantage itself by so doing.
    --Albert J. Nock

  7. #6
    Hanjin accounts for only about 3.2% of global container capacity, the disruption, which comes as retailers prepare to stock their shelves for the holiday season, is expected to be costly, as companies scramble to book their goods on other carriers.

    Analysts don’t expect the snarl to leave U.S. retailers with inventory shortfalls for the holidays, but the longer the logjam drags on, the greater the risk.
    The LA dock strikes the past couple years (2014, 2012) hurt US retailers a lot more. http://www.businessinsider.com/econo...trikes-2012-12

    There are about 60 ships which are currently at sea which do need to be dealt with but additional shipping can easily be picked up by other carriers given the huge over-supply of cargo vessels in the world right now.
    Last edited by Zippyjuan; 09-08-2016 at 12:32 PM.

  8. #7
    Hmm...most figures I've seen have Hanjin at 8% of US shipping capacity. It's not Maersk or whatnot but it's a bad sign when trans-Pacific shipping starts showing disruptions.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  9. #8
    Kimchi at sea: Hanjin cargo woes deepen as bank cool to plea for funds

    http://www.reuters.com/article/us-ha...-idUSKCN11E03R

    BIG STORY 10 | Thu Sep 8, 2016 7:11am EDT
    Kimchi at sea: Hanjin cargo woes deepen as bank cool to plea for funds
    Giant cranes are seen at the Hanjin Shipping container terminal at Incheon New Port in Incheon, South Korea, September 7, 2016. REUTERS/Kim Hong-Ji
    Giant cranes are seen at the Hanjin Shipping container terminal at Incheon New Port in Incheon, South Korea, September 7, 2016. REUTERS/Kim Hong-Ji
    By Jane Chung and Joyce Lee | SEOUL
    Will 80 tonnes of spicy kimchi stuck aboard three Hanjin Shipping vessels bobbing off the coast of California be unloaded before overripening? Nobody seems to know.

    Around $14 billion of cargo has been stranded by the failure of the world's seventh-biggest container carrier, with ports and lashing firms fearing they will not be paid. The havoc wrought through global trade networks threatens to take years to resolve.

    Hopes that emergency money to help with unloading of cargo could soon be made available suffered a setback on Thursday when Hanjin's lead creditor said it would be difficult to accept a court request to provide the firm with fresh funds.
    Pfizer Macht Frei!

    Openly Straight Man, Danke, Awarded Top Rated Influencer. Community Standards Enforcer.


    Quiz: Test Your "Income" Tax IQ!

    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.



  10. Remove this section of ads by registering.


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •