marine link image

Seaspan CEO: Hanjin Fallout Is Like Lehman for Shipping

September 14, 2016

 Seaspan Corp  chairman and ceo Gerry Wang has described the bankruptcy of South Korea’s biggest container line Hanjin Shipping Co as the industry’s equivalent of the Lehman Brothers collapse that triggered the global financial crisis, reports Bloomberg.

 
“The fallout of Hanjin Shipping is like Lehman Brothers to the financial markets,” Wang said. “It’s a huge, huge nuclear bomb. It shakes up the supply chain, the cornerstone of globalization.”
 
In an interview on Bloomberg TV Wang, who is founder of Seaspan, the Hong Kong-based container-ship leasing company that has three vessels chartered to the distressed line, likened the impact to shipping and supply chain to that of a nuclear bomb.
 
In June, Wang had rejected Hanjin’s requests for charter-rate cuts before the shipping line filed for court receivership last month.
 
Seaspan is evaluating all options and examining systemic risks resulting from Hanjin’s bankruptcy filing.
 
With about 93 ships, including 79 container vessels, stranded at 51 ports in 26 countries, the gridlock at Hanjin has disrupted global supply chains during “peak season” when stores in the U.S. stock up before the year’s busiest holiday shopping season. 
 

Logistics News

MOL, Hitachi to Develop Floating Data Centers from Used Ships

MOL, Hitachi to Develop Floating Data Centers from Used Ships

UK Grants $85M to Develop Port Talbot Floating Wind Hub

UK Grants $85M to Develop Port Talbot Floating Wind Hub

Russia's Ust-Luga Port Damaged by More Ukrainian Drones

Russia's Ust-Luga Port Damaged by More Ukrainian Drones

Russian Oil Producers Threaten Force Majeure Over Baltic Port Attacks

Russian Oil Producers Threaten Force Majeure Over Baltic Port Attacks

Subscribe for Maritime Logistics Professional E‑News

Sable Oil begins selling oil from the Santa Ynez pipeline in California after restart
Maguire: Key tools for tracking the latest energy sector disruptions caused by the Iran war
Swiss stocks: Factors to be on the lookout for March 30