ML-Implode News - Hanjin Shipping's Troubles Leave $14 Billion in Cargo Stranded at Sea

Since Hanjin Shipping Co. of South Korea filed for bankruptcy protection there last week, dozens of ships carrying more than half a million cargo containers have been denied access to ports around the world because of uncertainty about who would pay docking fees, container-storage and unloading bills. Some of those ships have been seized by the company's creditors.
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About 95% of the world's manufactured goods--from dresses to televisions--are transported in shipping containers. Though Hanjin accounts for only about 3.2% of global container capacity, the disruption, which comes as retailers prepare to stock their shelves for the holiday season, is expected to be costly, as companies scramble to book their goods on other carriers.

Analysts don't expect the snarl to leave U.S. retailers with inventory shortfalls for the holidays, but the longer the logjam drags on, the greater the risk.
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While Hanjin was granted protection by bankruptcy courts in Korea and the U.S., conditions are "bordering chaos," said Lars Jensen, chief executive ofÂ SeaIntelligence Consulting in Copenhagen. "With so many Hanjin ships barred from entering ports, shippers have no idea when their cargo will be unloaded."

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Hanjin Shipping's Troubles Leave $14 Billion in Cargo Stranded at Sea