{"id":21526,"date":"2016-08-31T14:13:13","date_gmt":"2016-08-31T19:13:13","guid":{"rendered":"http:\/\/olduvai.ca\/?p=21526"},"modified":"2016-08-31T14:13:13","modified_gmt":"2016-08-31T19:13:13","slug":"global-supply-chains-paralyzed-after-worlds-7th-largest-container-shipper-files-bankruptcy-assets-frozen","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=21526","title":{"rendered":"Global Supply Chains Paralyzed After World’s 7th Largest Container Shipper Files Bankruptcy, Assets Frozen"},"content":{"rendered":"

Global Supply Chains Paralyzed After World’s 7th Largest Container Shipper Files Bankruptcy, Assets Frozen<\/a><\/h3>\n
<\/section>\n
After years of relentless decline in the Baltic Dry index…<\/div>\n
\n
\n

<\/a><\/p>\n

… today the largest casualty finally emerged on Wednesday when South Korea’s Hanjin Shipping, the country’s largest shipping firm and the world’s seventh-biggest container carrier, filed for court receivership\u00a0after losing the support of its banks<\/strong>,\u00a0leaving its assets frozen as ports from China to Spain denied access to its vessels.<\/strong><\/p>\n

<\/a><\/strong><\/p>\n

For those unfamiliar with the company, here is a\u00a0brief overview from its website<\/a>:<\/p>\n

\n
Hanjin Shipping is Korea’s largest and one of the world\u2019s top ten container carriers that operates some 70 liner and tramper services around the globe\u00a0transporting over 100 million tons of cargo annually<\/strong>.\u00a0Its fleet consists of some 150 containerships and bulk carriers<\/strong>.<\/div>\n

<\/p>\n

With 4 regional headquarters in the U.S., Europe, Asia and South East & West Asia, approximately 5,000 global staffs as well as container terminals in world\u2019s major ports contribute to Hanjin Shipping\u2019s world-class logistics network around the world.<\/p><\/blockquote>\n

As Reuters\u00a0reports<\/a>, banks led by state-run Korea Development Bank withdrew backing for the world’s seventh-largest container carrier on Tuesday, saying a funding plan by its parent group was inadequate to tackle debt that stood at 5.6 trillion won ($5 billion) at the end of 2015.<\/p>\n

<\/a><\/p>\n

Suk Tai-soo, president and chief executive officer of Hanjin Shipping Co, arrives<\/em>
\nat a court in Seoul, South Korea, August 31, 2016.<\/em><\/p>\n

South Korea’s biggest shipping firm, announced the filing for receivership and a request to the court to freeze its assets, which the Seoul Central District Court planned to grant, a judge told Reuters.<\/p>\n

As part of the company’s insolvency process, the court will now decide whether Hanjin Shipping should remain as a going concern or be dissolved, a process that usually takes one or two months but is expected to be accelerated in Hanjin’s case, the judge said.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Global Supply Chains Paralyzed After World’s 7th Largest Container Shipper Files Bankruptcy, Assets Frozen After years of relentless decline in the Baltic Dry index… … today the largest casualty finally emerged on Wednesday when South Korea’s Hanjin Shipping, the country’s largest shipping firm and the world’s seventh-biggest container carrier, filed for court receivership\u00a0after losing the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3594,1361,14215,3237,4318],"class_list":["post-21526","post","type-post","status-publish","format-standard","hentry","category-economics","tag-baltic-dry-index","tag-bankruptcy","tag-hanjin-shipping","tag-supply-chains","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21526"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21526\/revisions"}],"predecessor-version":[{"id":21527,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21526\/revisions\/21527"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}