Earlier today we reported that in an surprising and abrupt development, one which may lead to ripple effects on global supply-chains and worldwide “just-in-time” logistics, the biggest South Korean shipping company and the world’s 7th largest container shipper, Hanjin Shipping, filed for bankruptcy leaving its assets frozen as ports from China to Spain denied access to its vessels.
It did not take long for the fallout from this historic bankruptcy – the largest ever for a container shipper in terms of capacity – to reach the US, because as Bloomberg reported moments ago, at least three Hanjin ships are currently stranded off the California coast.
- STRANDED SHIPS INBOUND FROM KOREA, CHINA, JAPAN: OFFICIAL
- THREE HANJIN CONTAINER SHIPS STRANDED OFF CALIFORNIA COAST
- MARINE EXCHANGE OF S. CALIFORNIA OFFICIAL COMMENTS ON SHIPS
While we await details on just how this asset “freeze” will be resolved, we wonder what is the cargo on these ships, where it was meant to be delivered to, and just how much US production will be bottlenecked as a result of missing key supply-chain components. And then, we extrapolate that to the dozens of Hanjin ships around the globe.