The global economic downturn of recent years has severely affected profits across the cargo shipping industry, with Hanjin Shipping Co. the most recent casualty.
Hanjin, the world's seventh-largest container shipping line, filed for receivership last week in South Korea after years of unprofitability.
The company is next looking to file for bankruptcy protection in over 40 countries in an attempt to reorganize its debt and protect its fleet and other assets from being seized by creditors.
The full impact of this development is still unknown, with some Hanjin ships stuck at sea and others in ports awaiting loading or unloading. Aftereffects are expected to continue and are likely to affect the cost of shipping and the global shipping supply for the foreseeable future.
Canadian importers and exporters who believe they may be affected by these developments are encouraged to contact Cole for more information and to get the most recent updates on the state of the shipping industry.
Information provided by: Freight Forwarding Dept. - Cole International