ML-Implode News - Hanjin's collapse ripples into US ports

The effects could be profound. Hanjin Shipping, one of the world's largest lines with 98 ships, is now also the biggest container-ship company receivership in history. U.S. retailers are among those voicing concerns. Freight rates have risen as shippers rushÂ to seek room on other carriers. That may not be as easy as it might seem. Yes, many ships are idle because of the worldwide shipping slowdown, but most can't be quickly brought up to operation-ready status.
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The situation has been made much worse by the deep slowdown in world container trade. A year and a half of container-line mergers hasn't prevented the collapse. The Baltic Dry Index, a key indicator of seaborne trade, began a sharp collapse in 2014 and is off 22 percent for the year. The biggest cause is China's slowdown, but worldwide stagnation is at work, too. Also, shipping lines overbuilt.

It's a problem for export-dependent South Korea. CNBC reports that "rival Hyundai Merchant Marine will also deploy at least 13 of its ships to two routes exclusively serviced by Hanjin, while the South Korean government also plans to reach out to overseas carriers for help." Yes, but none of this will fix the underlying problems of too many ships and too little demand. So the trouble is far from over.

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Hanjin's collapse ripples into US ports