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Transport and Logistics

Hanjin Shipping: Shipping industry in chaos as Hanjin implodes and others may follow

Report code: ML00022-051
Publisher: MarketLine
Formats:
  • Adobe PDF
Published: Dec-2016
Number of pages: 18
Description
Contents
  • In April 2016, Hanjin applied to its creditors for debt restructuring, in an attempt to avoid formal bankruptcy proceedings. However on August 31, 2016, Hanjin was forced to file for bankruptcy protection at the Seoul Central District Court and requested the court to freeze its assets. The company had lost the support of its banks the previous day. Hanjin was the world’s 8th largest shipping company, an organization which controlled close to 100 container ships and around $10 bn worth of revenue per year. Its collapse is the biggest ever seen by the industry. The root cause of the problem however has overshadowed the industry since the financial crisis of 2009. Overcapacity in the system caused by ambitious companies ordering new ships that were too big and in too large a number has meant that the entire industry has suffered from poor prices and assets that are too expensive to maintain.

    Reasons To Buy

    • What happened to hanjin
    • What is happening in the global shipping industry
    • Could this disaster happen to other companies
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