The entire shipping industry witnessed the long-awaited turn in business environment with last weeks news that Hanjin Shipping, a South Korean shipping giant which is considered as the 7th largest container carrier in the world would finally announce its move for liquidation after months of recovering attempts that sank into unsalvageable debacle. Although this scenario is quite annoying to many corners of the shipping industry where over 95% of world cargo are transported through container lines; the drastic and much deadly freight market loss expected a sudden fall of a carrier in this over-crowded ship volumes where scrap market has evenly dropped down leaving out any option of scrapping addition…
Read the full article at: http://www.hellenicshippingnews.com/collapse-of-hanjin-cross-border-insolvency-and-maritime-claims/
