Apparently a major South Korean container shipping company has gone into bankruptcy and is thus having trouble making port in a lot of places.
http://www.usatoday.com/story/money/business/2016/09/07/hanjin-shipping-seeks-us-bankruptcy-protection/89948440/
I only mention this because one sees a lot of their containers passing through Rochelle on the webcam.
http://cs.trains.com/trn/f/111/p/258374/2897736.aspx#2897736
Never too old to have a happy childhood!
An NPR report this afternoon stated that as many as 1.5M loaded containers could be at risk. Seems like a bankruptcy filing in one country is not necessarily recognized in other counries. So the ships at sea cannot land at many planned destination without possibility of sizeure or not allow at all with uncertain possible port payments. All this at the start of the fall 'merchandise rush ?
blue streak 1 An NPR report this afternoon stated that as many as 1.5M loaded containers could be at risk. Seems like a bankruptcy filing in one country is not necessarily recognized in other counries. So the ships at sea cannot land at many planned destination without possibility of sizeure or not allow at all with uncertain possible port payments. All this at the start of the fall 'merchandise rush ?
FTA: [snip] "...Delays, replacement shipments and other costs will hurt not only Samsung, but also U.S. retailers and consumers, Jun Tae Ahn, chief financial officer for Samsung Electronics' visual display business division, said in a filing in bankruptcy court. "The upcoming months are critically important to retailers, particularly ahead of Black Friday and the holiday shopping season," the filing said.
Members of Congress and U.S. retailers have also sought support for Hanjin to temper the repercussions of the shipper's dilemma.
"We are entering peak season — when the entire shipping industry must work together to get gifts on shelves for holiday shoppers — our priority should be getting these ships unloaded," several U.S. House members of the Congressional Ports Caucus urged Secretary of Commerce Penny Pritzker on Tuesday in a letter of their own. Many of the caucus members represent the Long Beach and Los Angeles ports affected by the Hanjin situation..." [snipped] [emphasis added. -Sam]
Link and many sub links
http://www.joc.com/special-topics/hanjin-shipping-bankruptcy
Some new info on Hanjin
https://www.yahoo.com/news/hanjin-shipping-gets-44-6m-091140744.html?ref=gs
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