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Global Supply Chains Paralyzed After World's 7th Largest Container Shipper Files Bankruptcy, Assets

Discussion in 'Coffee Shack (Daily News/Economy)' started by Joseph, Aug 31, 2016.



  1. Joseph

    Joseph Gold Member Gold Chaser Site Supporter ++

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    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...

    [​IMG]



    ... 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 after losing the support of its banks, leaving its assets frozen as ports from China to Spain denied access to its vessels.

    [​IMG]

    For those unfamiliar with the company, here is a brief overview from its website:



    Hanjin Shipping is Korea's largest and one of the world’s top ten container carriers that operates some 70 liner and tramper services around the globe transporting over 100 million tons of cargo annually. Its fleet consists of some 150 containerships and bulk carriers.



    [​IMG]



    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’s major ports contribute to Hanjin Shipping’s world-class logistics network around the world.

    As Reuters reports, 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.

    [​IMG]

    Suk Tai-soo, president and chief executive officer of Hanjin Shipping Co, arrives
    at a court in Seoul, South Korea, August 31, 2016.

    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.

    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.A bankruptcy for Hanjin Shipping would be the largest ever for a container shipper in terms of capacity, according to consultancy Alphaliner, exceeding the 1986 collapse of United States Lines.

    Coming as no surprise to anyone who has followed the persistent decline in worldside trade, global shipping firms have been swamped by overcapacity and sluggish demand, with Hanjin booking a net loss of 473 billion won in the first half of the year.

    South Korea's ailing shipbuilders and shipping firms, which for decades were engines of its export-driven economy, are in the midst of a wrenching restructuring. According to Reuters, KDB's decision to stop backing Hanjin Shipping shows the government is taking a tougher stance with troubled corporate groups.

    The fallout from the country's unprecedented bankruptcy invoked a statement from South Korea's Finance Minister Yoo Il-ho, who said that "the government will swiftly push forth corporate restructuring following the rule that companies must figure out how to survive and find competitiveness on their own while taking responsibility."

    To be sure, this decision is a fresh breath of air in a world in which mega-corprations across the globe have become "too big to fail" by default, and in many cases anticipate a government bail-out.

    According to South Korea's Financial Services Commission, Hyundai Merchant Marine, the country's second-largest shipping line, will look to acquire its rival's healthy assets, including profit-making vessels, overseas business networks and key personnel, A Hyundai Merchant Marine spokesman told Reuters nothing had been decided about the potential acquisition of Hanjin assets and that the firm will hold talks with KDB. Hyundai Merchant Marine is also in the process of a voluntary debt restructuring.

    The question now is whether as a result of the bankruptcy process there will be an unexpected failure in the global supply-chain:South Korea's oceans ministry estimates a two- to three-month delay in the shipping of some Korean goods that were to be transported by Hanjin Shipping, and plans to announce in September cargo-handling measures which could include Hyundai Merchant Marine taking over some routes, a ministry spokesman said on Wednesday.

    Making matters worse, Reuters adds that KDB's move to pull the plug was already having an impact on Hanjin's operations, with the company's various shipping assets already frozen. Ports including those in Shanghai and Xiamen in China, Valencia, Spain, and Savannah in the U.S. state of Georgia had blocked access to Hanjin ships on concerns they would not be able to pay fees, a company spokeswoman told Reuters.

    Another vessel, the Hanjin Rome, was seized in Singapore late on Monday by a creditor, according to court information. "Now Hanjin must do everything it can to protect its clients' cargoes and make sure they are not delayed to their destination, by filing injunctions to block seizures in all the countries where its ships are located," said Bongiee Joh, managing director of the Korea Shipowners' Association.

    Finally, while jarring Hanjin's bankrtupcy was inevitable: shipping industry economics have deteriorated. Charter rates for medium-sized container ships have dropped from around $26,000 a day in 2010 to $13,000 per day now. Container rates from Shanghai to the U.S west coast have more than halved since then, from around $2,000 per 40-foot container in January 2010 to $596 per 40-foot box last week, data from the Shanghai Shipping Exchange shows.

    Shares in Hanjin Shipping have been suspended after plunging 24% on Tuesday.

    The global implications from the bankruptcy are unknown: if, as expected, the company's ships remain "frozen" and inaccessible for weeks if not months, the impact on global supply chains will be devastating, potentially resulting in a cascading waterfall effect, whose impact on global economies could be severe as a result of the worldwide logistics chaos. The good news is that both economists and corporations around the globe, both those impacted and others, will now have yet another excuse on which to blame the "unexpected" slowdown in both profits and economic growth in the third quarter.


    http://www.zerohedge.com/news/2016-...rlds-7th-largest-container-shipper-files-bank

     
  2. Alton

    Alton Gold Member Gold Chaser

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    Wow! If Hanjin is going down, who's next? Living not far from the railyards I see LOTS of Hanjin containers on the many trains passing through my area typically headed east (Ohio and eastward). Also of note this IS the time when shipments for the holidays, Halloween through Christmas, are head to national distribution centers for all the retail chains. This is going to hurt!
     
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  3. mayhem

    mayhem Rebel Fire Silver Miner Site Supporter

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    I fear that this is just the tip of the iceberg. Been following shipping for a while and it doesn't look good for the future.

    Offshoring jobs coming to roost. All the big box stores are hurting for customers as the cash flows to the health insurance company's for 0b0mber care.

    It isn't too late to stock up, but damn close.
     
  4. Alton

    Alton Gold Member Gold Chaser

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    Interesting you say this. I also have been expecting a transportation disaster but for other causes tied to ongoing earth changes and failing infrastructure. Almost like a race between economic causes and earth change/infrastructure causes to see which will do the most damage the soonest.
     
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  5. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    Thanks Joseph,

    nice find
     
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  6. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    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...

    [​IMG]

    ... 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 after losing the support of its banks, leaving its assets frozen as ports from China to Spain denied access to its vessels.

    [​IMG]

    For those unfamiliar with the company, here is a brief overview from its website:

    Hanjin Shipping is Korea's largest and one of the world’s top ten container carriers that operates some 70 liner and tramper services around the globe transporting over 100 million tons of cargo annually. Its fleet consists of some 150 containerships and bulk carriers.

    [​IMG]

    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’s major ports contribute to Hanjin Shipping’s world-class logistics network around the world.

    As Reuters reports, 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.

    [​IMG]

    Suk Tai-soo, president and chief executive officer of Hanjin Shipping Co, arrives at a court in Seoul, South Korea, August 31, 2016.

    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.

    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. A bankruptcy for Hanjin Shipping would be the largest ever for a container shipper in terms of capacity, according to consultancy Alphaliner, exceeding the 1986 collapse of United States Lines.

    Coming as no surprise to anyone who has followed the persistent decline in worldside trade, global shipping firms have been swamped by overcapacity and sluggish demand, with Hanjin booking a net loss of 473 billion won in the first half of the year.

    South Korea's ailing shipbuilders and shipping firms, which for decades were engines of its export-driven economy, are in the midst of a wrenching restructuring. According to Reuters, KDB's decision to stop backing Hanjin Shipping shows the government is taking a tougher stance with troubled corporate groups.

    More: http://www.zerohedge.com/news/2016-...rlds-7th-largest-container-shipper-files-bank

     
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  7. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  8. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  9. Billboard

    Billboard Seeker Seeker

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    Consumer goods to essential parts and medical supplies should be a bit scarce, no?
     
  10. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    merged the same threads
     
  11. Joe King

    Joe King Gold Member Gold Chaser

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    IMHO this is a good thing, and long overdue.
     
  12. Alton

    Alton Gold Member Gold Chaser

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    Yep. Be prepared for odd, unusual or (gasp!) meager gifting for Christmas. Since cellphone sales will be down anyway (Samsung is dealing with exploding batteries) little Billy and little Susie will just have to get on with new underwear.

    all the retailers expecting goods will be short on sales this years. All the manufacturers shipping goods via Hanjin will be hurting for money since it will require time and money to unload all that stalled cargo, get it back to designated ports, redistribute it to ships who are still in business and get the product delivered too late for holiday sales. This is a farkin' mess on the bleeding edge of becoming a true fustercluck for lots of folks.

    As a bonus, to add to your future concerns, wheat, corn, rice and sorghum crops around the globe have been minimized/damaged/destroyed by weather (floods mostly along with hail and assorted other environmental events)... first 20 seconds tells the story:


    End of 2016/opening of 2017 looking pretty shaky!
     
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  13. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  14. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  15. Alton

    Alton Gold Member Gold Chaser

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  16. Billboard

    Billboard Seeker Seeker

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  17. Billboard

    Billboard Seeker Seeker

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    Shouldn't some derivatives be triggering right about now? What banks have exposure to this bankruptcy?

    See for example this, they knew what was coming:

    South Korea mulls freight derivatives exchange
    Xiaolin Zeng, East Asia correspondent | 1 March 2016

    In the wake of a highly publicised liquidity crisis affecting its shipping companies, South Korea is considering establishing a shipping exchange to facilitate the trading of freight derivatives.

    During the recent 8th Shipping Forum held in Seoul’s Yeouido financial district, the Ministry of Oceans and Fisheries (MOF) floated this idea to representatives of ship financing institutions and research organisations.

    The ministry is considering the idea of establishing an exchange to offer freight derivatives trading to enable shipping companies to manage their exposure to fluctuating freight rates.

    South Korea’s two biggest shipping companies, Hanjin Shipping and Hyundai Merchant Marine (HMM), have been selling assets as they strive to raise liquidity.

    On 24 February 2016, Hanjin said it is considering selling its London office and 12.8 million treasury stocks as it has KRW500 billion (USD406 million) of debts that have to be repaid in the first half of 2016.

    Hanjin is also looking at selling its overseas container terminals.

    As at 31 December 2015, Hanjin had total debt of KRW6.64 trillion and debt ratio of 848%, up from 687% in the third quarter 2015.

    On 5 February, HMM posted a KRW443.4 billion (USD377 million) loss for 2015, which impaired more than half of HMM’s capital and resulted in its shareholders’ equity falling to 30% year on year to KRW477.6 billion, even as liabilities fell 14.8% year on year to KRW5.6 trillion, implying very high gearing levels.

    HMM and its parent Hyundai Group have been selling assets to raise more than USD3 billion. It is also renegotiating charterhires with shipowners of its chartered-in tonnage to reduce costs. Hyundai Group chairwoman Hyun Jeong Eun and her mother Kim Moon Hee have also contributed USD24 million of their own money to boost HMM’s liquidity.

    Other smaller shipping enterprises in South Korea, such as SW Shipping, Samsun Logix, and Seondo Shipping, have also entered court management as the weakened Baltic Dry Index took its toll.

    Appetite for trading freight derivatives has grown in recent years, with the Baltic Exchange launching its multilateral trading platform Baltex in June 2011. This was made available in Singapore and in Hong Kong through their respective stock exchanges.

    In April 2013, Shanghai Clearing House launched a Chinese yuan-denominated forward freight agreement trading service that it developed with Freight Investors Service.

    The Singapore Exchange (SGX), which has made a non-binding bid to acquire the Baltic Exchange, has seen growing demand for freight derivatives, which are used to hedge exposure to freight market risks and are traded according to market players’ opinions of market movements.

    For 2015, SGX handled 278,393 FFA trades, up 505% from 2014.

    Also at the forum, the Export-Import Bank of Korea said it plans to provide further financial support to shipping companies facing cash flow issues, and that such plans, as well as the main issues facing the shipping and financial sectors, are pending examination.

    The forum was themed on transportation systems and the advancement of the shipping industry, and sought to promote greater understanding between the shipping and financial sectors.

    The MOF’s maritime logistics department head, Park Gyeong-cheol, said, “In order to overcome the crisis facing the shipping industry and enable it to make a comeback, communication and connections between the shipping and financial sectors are important. Against the backdrop of the shipping forum, the financial sector can take an active interest in shipping.”
     
  18. REO 54

    REO 54 Midas Member Midas Member

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    Here in our neck of the woods.......


    Port of Seattle, retailers scrambling after major shipper goes bankrupt:



    SEATTLE - The Port of Seattle and other Pacific Northwest marine ports are scrambling after a global shipping giant that moves billions of dollars worth of cargo here reportedly has filed for bankruptcy.

    South Korea's Hanjin Shipping Co., one of the largest shipping companies in the world, announced the bankruptcy filing Wednesday.

    Hanjin is the main customer at Terminal 46 in Seattle. The Wall Street Journal reports that the terminal wasn't releasing empty containers and exports after Wednesday's announcement.

    Seattle's Amazon.com is one of the many retailers that rely in part on Hanjin ships to move large quantities of merchandise, the Journal reports. There was no immediate word on how Amazon, which also uses other shippers, would respond to the setback.

    Hanjin and other shipping companies across the world have been impacted by a decline in trade in recent years.

    Tara Mattina with the Northwest Ports Alliance says she isn't sure of the long-term impacts, but that shipping lines are losing billions of dollars.

    Hanjin once provided most of the Port of Portland's container cargo service before leaving the port in February 2015.


    http://komonews.com/news/local/port-of-seattle-amazon-scrambling-after-major-shipper-goes-bankrupt
     
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  19. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    Wow, the answer to this whole mess is financial engineering!

    Great idea,

    Let's not pay attention to gross .gov subsidies worldwide building ships that are not needed all in the interest of jobs creating a extreme oversupply, interest rates too low and creating massive misallocations of capital, or the whoring out of cheap labor sources by the capitalists.

    Yeah, couldn't be that at all.
     
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  20. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  21. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  22. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  23. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  24. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  25. GOLDZILLA

    GOLDZILLA Harvurd Koleej Jeenyus Midas Member

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    I wonder what to stock up on that will be in serious shortage from this?
     
  26. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Absolutely nothing.
     
  27. brosil

    brosil Gold Member Gold Chaser Site Supporter

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    So if a large storm swept through a bevy of hanjin ships and they sink, who do the insurers pay? That is a satirical question.
     
  28. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  29. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  30. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    Hmmm... I think it's time to start investing in the companies that own those ship breaking yards in Alang, India, Chittagong, Bangladesh and Gadani, Pakistan. That's where a lot of those ships are going to go. Some ships will be cherry picked but most of them are going to the scrap heap. There's a glut of ships already.

    The other place to invest is in those dollar stores who will be getting all that stranded merchandise next Spring at real cut rate prices.

    Ocean going tug companies are also a good pick up too, they'll be working massive overtime after the ships run out of fuel and the crews abandon their ships for not getting pad. The tug companies will be hauling the derelict ships into port for cargo salvage and then to the breaker yards.
     
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  31. GOLDZILLA

    GOLDZILLA Harvurd Koleej Jeenyus Midas Member

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    I'm going to say maybe maxi pads and tampons. I remember when Japan had the tsunami, there was only one company over there that made the main absorbent and the prices went through the roof and the third world went without for quite a while. Imagine if you could buy at 6 bux a box and sell for 2o.
     
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  32. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    ^^ wouldn't that be considered 'blood money'..... :dduck:
     
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  33. arminius

    arminius Gold Member Gold Chaser Site Supporter ++

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    :belly laugh:
     
  34. arminius

    arminius Gold Member Gold Chaser Site Supporter ++

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    Not that this is a funny thing, but I'd rather laugh than cry...

    The only good thing is that in this case the good seems to win, the bad being the shipping index is declining, and with it world trade declines, and with it most incomes decline, and shit worsening begins to increase as availability of things begin to decrease.

    Most of us will survive this. What comes after, we'll see.
     
  35. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  36. GOLDZILLA

    GOLDZILLA Harvurd Koleej Jeenyus Midas Member

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    They could take on a side business and call themselves hanjob. They might even be able to emerge from bankruptcy.
     
  37. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  38. searcher

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  39. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    It's gonna be a Tiny Tim Christmas this year for America....
     
  40. searcher

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