People located near west coast ports may’ve noticed some huge container ships sitting oddly idle in near shore waters for days on end recently, unable to complete their business in port. A huge quantity of goods belonging to many corporations throughout the world are currently stranded aboard these ships.
Hanjin Shipping is filing for court receivership, the first step towards what will be the largest container line bankruptcy in history – six times larger than the collapse of United States Lines three decades ago, the previous record holder.
Hanjin operates 98 container ships totalling 600,000 TEU, 11 port terminals and 74 sea routes, in addition to bulker operations.
The long-term fallout from Hanjin Shipping’s insolvency will have far-reaching effects, but the impact is already being felt in ports around the world.