Hanjin Shipping Bankruptcy

Hanjin's collapse showed shippers that a carrier's finances are a supply chain risk, because cargo can be trapped when a line fails. After creditor banks led by Korea Development Bank withdrew support, Hanjin, then the world's seventh-largest container carrier, sought court receivership on August 31, 2016. Ports from China to Spain refused its ships for fear fees would go unpaid, stranding dozens of vessels and an estimated $14 billion of goods just ahead of the US holiday season. A Seoul court ordered liquidation in February 2017. Many importers now spread bookings across carriers and use forwarders that can rebook cargo quickly.

• Freight ForwarderBooks and manages international shipments
• Full Container LoadFCLOne shipper's goods in a whole container
• DemurrageFee for a container left at the port too long

• Great Recession Freight Downturn2008–2009 · US freight shipments fall about 25 percent
• COSCO-China Shipping Merger2016 · China's two biggest shipping groups combine
• NotPetya Cyberattack2017 · Malware cripples Maersk and other logistics firms

1. Hanjin Shipping receivership (Fortune) fortune.com
2. The end of Hanjin Shipping, officially declared bankrupt (Seatrade Maritime) seatrade-maritime.com