Hanjin Shipping is going belly up.

[Hitch]

This could be bad, folks.

http://www.offthegridnews.com/current-events/americas-supply-chain-is-unraveling-ships-stuck-at-sea-as-major-carrier-files-for-bankruptcy/

The bankruptcy of just one company is disrupting world trade and the supply chain that serves US retailers.

The Hanjin Shipping Company of South Korea, a major carrier of cargo containers, filed for bankruptcy Wednesday. That left three giant container ships – containing millions of products — stuck 40 miles off of America’s largest port, Los Angeles, The Wall Street Journal reported. Hanjin is apparently fearful its ships will be seized by creditors.

Just as bad, Hanjin — the seventh largest shipper in the world — is not accepting new freight at its terminals. That means cargo containers, including some with food, are not moving. One expert estimated that Hanjin ships move 25,000 shipping containers each day across the Pacific. Those containers contain every type of product that Americans consume, including items found in Walmarts, in small-town groceries, and through online retailers.

‘Everything Is Unraveling’

[Cebu_4_2]

Trump syndrome.

[Glass]

yes, there's been a panic this past week. Companies trying to get their goods landed before creditors lock them down as part of their claim. You would be pissed if you were simply shipping your products to find someone has a salvage claim on them due to the "carrier" being insolvent.

So it won't just be companies unable to sell their goods because they can't get them to market. Those goods could get taken by someone else.

[crimethink]

Trump syndrome.

It's called implosion of the economies of the world.

[crimethink]

Just in time for the Christmas Season! -


https://www.wired.com/2016/09/hanjin-bankruptcy-shipping-economy/

First, the case for hysteria. South Korea’s Hanjin Shipping, the seventh largest company of its kind in the world, declared bankruptcy Wednesday. Its ships that haven’t been seized by creditors have been turned away from ports in Japan, China, Germany, Australia, and the US. Some—it’s unclear how many—are just sitting offshore. Those that have docked sit untouched, cargo stuck on board.

Now that Hanjin’s assets are frozen, the stevedores, tug boat pilots, truckers, railroad operators, and others who move goods from ship to shore to store know they won’t get paid—and won’t do the job. The Wall Street Journal reports the deliveries of roughly 540,000 containers will be delayed by up to a month.

Meanwhile, America’s National Retail Federation is fretting as the holidays approach. “There is millions of dollars worth of merchandise that needs to be on store shelves that could be impacted by this,” Jonathan Gold, head of supply chain and customs policy, said in a statement.

Citing:

http://www.wsj.com/articles/south-koreas-hanjin-shipping-files-for-u-s-bankruptcy-protection-1473002745

[Cebu_4_2]

It's called implosion of the economies of the world.rfucking forum crap bullshit.
Happening since 2008, either we are getting better or wo

[Glass]

Just in time for the Christmas Season! -


I don't participate in that "season" so personally I could care less. And for gold (ilocks), I hope it hurts..... just the right amount.

[Twisted Titan]

It's called implosion of the economies of the world.

we are wittnessing what a mild hiccup looks like.

the interconnectability is absolutely astounding when you start to grasp just how many things have to fall in line for a product to made sold and shipped to end user

[cheka.]

actually it's good. losers are supposed to lose...and go away. a diff entity buys the assets and carries on