Hanjin Fall Is Lehman Moment for Shipping

mardi 13 septembre 2016

First off let me say I know next to nothing about shipping. Having said that I've been following the story of the shipping company Hanjin going broke for the last few days with interest.

Apparently there's about 93 ships, including 79 container vessels, stranded at 51 ports in 26 countries because the shipping company Hanjin can't afford the fees to let them dock. In total the vessels are holding around about $120 billion in goods.

And as this article is saying, people seem to think this is a big deal, and that the whole shipping industry is pretty fragile.

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On top of all of this - this British artist who makes films with "absurd scenes like a person dressed as a frog bouncing on a pogo stick in a puddle" is now stranded on a not docking container vessel and feeling "emotions of amusement to anger and incredulity".

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What the hell is going on? Could this be the start of a major meltdown with repercussions that extend well beyond the shipping industry, or will this disappear from my feeds in a couple of weeks never to be heard of again? And perhaps the bigger question is whether Rebecca can come up with a viral sensation centered around this calamity?

I'm just fishing for information from people that know a lot more than I do and generating a little discussion. Wish I could add more comment.


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