Key Topic – Hanjin Bankruptcy
On Aug. 31, financially-troubled shipping line Hanjin filed for receivership (similar to U.S. bankruptcy) in South Korea. The company’s financial problems were fairly well-known among exporters, and many had recently shifted cargo to other shipping lines. However, because Hanjin is part of the CKYHE Alliance that also includes Cocso Container Lines, “K” Line, Yang Ming Marine Transport and Evergreen Line, even exporters with no cargo booked on a Hanjin vessel could still potentially be impacted. Port congestion caused by the Hanjin fallout was also a concern, particularly for exporters moving chilled product. Fortunately, this situation has so far caused only modest disruptions for U.S. exporters. However, USMEF continues to monitor it carefully and is providing regular updates to exporter members.