1 September 2016
Hanjin files for bankruptcy protection! And creates chaos on the market…
Hanjin files for bankruptcy protection and creates chaos on the market. Not only for the customers that have freight on their “about to be arrested” vessels, but also for the rest of the market. Even those markets, where Hanjin did not play any significant role directly (Eastern Europe, Poland specifically). Carriers see an opportunity to raise rates immediately and drastically, hoping for quick gains due to short time capacity shortages. Shippers hope this will get clarified soon. A lot will depend on Hyundai (HMM), Korean brother of Hanjin, and how fast they can manage the crisis. The problem is that they are also not in the best shape themselves…
