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

Konecranes Pens 200-Crane Service Deal with Meyer Turku Shipyard

Konecranes Pens 200-Crane Service Deal with Meyer Turku Shipyard

High Visibility Border Patrol Conducted at Australian Port

High Visibility Border Patrol Conducted at Australian Port

October U.S. Container Imports Flatten

October U.S. Container Imports Flatten

AAPA Proposes Alternative Policies to USTR

AAPA Proposes Alternative Policies to USTR

Subscribe for Maritime Logistics Professional E‑News

Air Current reports that Boeing has been given the go-ahead to begin next phase of certification trials for the 777X.
Bloomberg News reports that Verizon wants to raise $10 billion through bond sales to fund the Frontier deal.
When will US air travel return to normal? Not this week