The collapse of South Korean company Hanjin Shipping has left ships, cargo and crews stranded around the globe. It highlights the complex consequences of a shipping company going bankrupt, with Hanjins creditors and customers waiting to see whether the business can be saved.
Hanjin Shipping Co is one of the worlds top ten container carriers, operating some 70 liner and tramper services, transporting more than 100 million tons of cargo annually. Its fleet consists of some 150 container ships and bulk carriers.
Increased competition and Hanjins own high debt levels have led to its demise, as it struggled to adapt to changes in the market. Demand for shipping has fallen since the global financial crisis, at the same time as tech…
Read the full article at: http://theconversation.com/explainer-why-hanjins-ships-are-stranded-around-the-globe-65337
