Bankruptcy, Frozen Assets, Cargo Ships Marooned | Ripple Effects for Retail Industry - including Fishing

 

South Korean cargo giant Hanjin Shipping Company filed for bankruptcy on Wednesday, leaving cargo ships marooned across the globe.

According to the Associated Press, Hanjin’s ships have been refused permission to offload cargo or take aboard new containers because dock workers have no guarantee of being paid.

On Thursday, three Hanjin ships ranging from 700 foot to 1,100 feet were either drifting off shore or anchored away from their terminals at Long Beach, Calif. As of Friday, 27 Hanjin ships had been refused entry to ports or terminals.

Hanjin holds nearly 8 percent of U.S. trans-Pacific trade volume, and the freezing of its fleet could send a ripple effect through retailers in a myriad of industries—including fishing.

Read the rest at Fishing Tackle Retailer.