Hanjin Bankruptcy Demonstrates Fragility of Ocean Freight Market Prior to “Black November”
NC State SCRC
SEPTEMBER 9, 2016
The recent bankruptcy announcement of Hanjin, a major shipping line, on the Friday before the last Labor Day long weekend, was a shock to everyone working in the global logistics shipping industry. Many ship builders and ocean carriers overextended themselves while the economy was growing, and these expectations resulted in a huge amount of investment that has resulted in too many ships and carriers competing for too little cargo.