Hanjin Shipping's collapse upsets global trade as vessels are turned away from ports
5 Hours Ago
The collapse of South Korea's Hanjin Shipping sent ripples though global trade on Thursday, as the country's largest port turned away its ships and as some manufacturers scrambled for freight alternatives.
Hanjin on Wednesday filed for court receivership after its banks decided to end financial support, and ports from China to Spain, the United States and Canada have refused entry to Hanjin vessels in what is traditionally the industry's busiest season ahead of the year-end holidays.
An official with Hanjin Shipping in Busan confirmed that its vessels were not entering the southern city's port as container lashing providers deny service on concerns that they will not be paid. The company was also worried that the ships may be seized by creditors.
LG Electronics, the world's No.2 maker of TVs, told Reuters it was cancelling orders with Hanjin and was seeking alternatives to ship its freight.
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