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Hanjin Shipping quietly collapses

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posted on Sep, 8 2016 @ 04:42 PM
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a reply to: the2ofusr1

Remember this highway project which Russia wants to build, and which would go around the World, going from UK to New York and passing throug several continents?

www.cnn.com...

If that gets built in the future, ports will fall - or close to.


edit on 8-9-2016 by swanne because: (no reason given)




posted on Sep, 8 2016 @ 04:43 PM
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If China starts shipping their cheap crap to the EU, then the US may see resurgence of our own manufacturing yet, but in the meantime, it will hurt.



posted on Sep, 8 2016 @ 04:46 PM
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I've had to deal with shipping before, as a manufacturer, and when we had any of our product moved, depending on the arrangements, the carrier automatically placed a lien against the load and if weren't paid prior to pick-up or immediately upon delivery by the recipient, they started court proceedings. If they were paid, the lien was released. So, I'm surprised this doesn't seem to be the case here.

Even more recently, albeit somewhat non-related, when constructing cell sites we place a lien on the project and property upon signing the contract and release it when paid, if paid according to the terms agreed upon.

The end result of either is the contractor, whether driver/LTL/whichever or port authority might sit on product for a while but if not paid within reasonable time limitations essentially becomes the owner of whatever the lien was placed against. Truckers might end up with another trailer, container and cargo; ports might end up with a shipload of things... and a ship. They also get to charge reasonable storage fees while things progress, though a busy port might not like a ship moored for very long.



posted on Sep, 8 2016 @ 04:47 PM
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Now i know why i never recieved my 12 batteries i ordered 3 months ago from Hong Kong.



posted on Sep, 8 2016 @ 05:01 PM
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Selfishly I was glad to hear it's mostly Christmas merchandise being tied up and not regular shipments of industrial parts!
It's one thing to inconvenience casual shoppers, another to honk up the manufacturing supply chain.



posted on Sep, 8 2016 @ 05:05 PM
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a reply to: Zaphod58

How did they manage to fail ?

Interesting to see also that the Baltic Dry Index was on the rise since an all time low in February this year BDIY

I wonder what it will look like tomorrow when the market opens



posted on Sep, 8 2016 @ 05:09 PM
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a reply to: swanne

This piece has some nuggets in it to give you a picture of what might be fuelling the reduction in that traffic .Without knowing who their customers were and who they wont be its hard to say if its possible to bail them out .

On June 3 Alexander Misharin, First Vice-President of the state-owned Russian Railways announced that the New Development Bank (NDB) of the BRICS countries, formally established in 2015, after hearing the presentation from Russian Railways, has agreed to provide partial financing of up to $500 million for the Moscow-Kazan high-speed railway project. China has recently confirmed plans to provide a 400 billion-ruble or $6 billion loan for Russia’s Moscow-Kazan section of what will be a far greater Moscow-Beijing high-speed rail link of the One Belt, One Road infrastructure. China will also give equity financing of 52 billion rubles and an additional $1 billion to complete the project. journal-neo.org...


I had heard of that road but am not sure just how serious it was .But the Eurasian project is going ahead .



posted on Sep, 8 2016 @ 05:32 PM
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a reply to: Zaphod58$14 billion in produce in limbo... yikes. I would guess about 48 hours before we notice price hikes in local grocery stores here in NH?



posted on Sep, 8 2016 @ 06:00 PM
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a reply to: FamCore

Most of it is other goods, including a huge shipment of LG televisions. They're mostly a dry goods shipper to the US, and ship food products out.



posted on Sep, 8 2016 @ 06:53 PM
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a reply to: Zaphod58


This is quite a big one,If demand is dropping, then its dropping with all the other container companies as well. So who would want to buy them out as their is also a great redundency with these other shippers as well.Which leaves the Banks stuck with the billion or so of their debt.The chances are that a few of the other main shippers are also barely hanging on as well.
We knew long ago that cheap foriegn exports would impact on the nations jobs, and therefore purchasing power, to buy these imported goods.Which is why demand is dropping.These ships with their goods onboard, are just sitting in Port untill the harbour dues are paid.So all the paid for goods,cant be sold to clear the customers debt load, we might have the start of a collapse of interesting proportions.



posted on Sep, 8 2016 @ 07:01 PM
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a reply to: Zaphod58

Over-capacity has been an issue in container shipping for a long time and getting worse. Margins are essentially non-existant, hence the unpaid workers in places (only way to make money is to not pay anyone.) This doesn't surprise me, and I expect to see more of it.

More and bigger container ships are still being built regularly even so.



posted on Sep, 8 2016 @ 07:25 PM
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Remember exactly 8 years ago when the last President was outgoing and they crashed the economy?

Yeah, like that. Nothing like a crash to distract everyone from a new guy in the White House that only 48% of voters wanted.

Might be a good time to consider one of these, though:




posted on Sep, 8 2016 @ 07:26 PM
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thanks for this info

needless to say the media establishment has time for kardashians and Kaepernicks but not for reporting this



posted on Sep, 8 2016 @ 08:34 PM
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originally posted by: SentientCentenarian
Remember exactly 8 years ago when the last President was outgoing and they crashed the economy?

Yeah, like that. Nothing like a crash to distract everyone from a new guy in the White House that only 48% of voters wanted.

Might be a good time to consider one of these, though:



I wanted to make a little container property as my house in London has for the area a very good sized private front Garden, I would have better luck reincarnating Hitler to scratch my balls..

Local council where having none of it regardless that it was just going to be space for my young son to be able to chill out and relax. Bottom line get it right container homes can be cheap, quick to construct and overall a nice little project (if you start out correctly that is), the UK does not like anything they cannot milk to death hence the money I had for that went into a 2 bed two story house with land in the Philippines that took 4 months to build...


Has the container industry and port authority got a major hand in these problems??, whenever I have tried to get anything shipped privately it was a bloody nightmare trying to clear customs at the other end, (Loading and shipping was always ok). Case in point why does it take a customs broker 3 weeks to clear a container in a small port?? (Port of spain Trinidad).

When in reality it can be done in 3 days if the paperwork is ok.. It just seems that the bureaucracy is a total racket in a majority of ports. A number of times I really did need to ship goods but I always just tried to find a way around having to do it as it has always been a total ball ache at the other end, and it would drive any logical person f#cking mental..


In all this I feel sorry for the crews that would have no doubt put in 6 months work and many of these lads are from poor countries and this is their "Donald Trump" Job, to have to head home to a family empty handed, I know this all to well with people here in the Philippines, total p1ss take..



RA
edit on 8-9-2016 by slider1982 because: sp added



posted on Sep, 8 2016 @ 09:35 PM
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Wow. How poorly managed do this company have to be to go bust while moving 15 billion in product?

This might actually cause a price spike on some goods here in the US.



posted on Sep, 8 2016 @ 09:46 PM
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EBAY and consumers here in the U.S. could certainly take a big hit, as most of their sales from China and HK use ePacket...


ePacket™ provides online buyers in the U.S. with an affordable shipping option from the overseas origin in certain countries to delivery in the U.S. ePacket™ is currently available to shippers in China and Hong Kong, with additional countries planned.



posted on Sep, 8 2016 @ 09:57 PM
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a reply to: introvert

When I worked retail....most of our Christmas stuff was already here in August-early September.
So.....maybe not so badly for Christmas....

But, if they don't figure something out fast....goods that are seasonal for the new year may be at risk.



posted on Sep, 8 2016 @ 10:04 PM
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a reply to: charlyv

I am not sure if there is a thread on the boards or it was something I read in one of the comments but it seems that paypal is having some serious issues .Not sure if it was a one off glitch but there seem to be a couple commenters that were having the same issues . Seems the funds go out of the account but the payment is not made . Yea its in this thread www.abovetopsecret.com...
edit on 8-9-2016 by the2ofusr1 because: (no reason given)



posted on Sep, 8 2016 @ 10:49 PM
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originally posted by: the2ofusr1
a reply to: swanne

This piece has some nuggets in it to give you a picture of what might be fuelling the reduction in that traffic .Without knowing who their customers were and who they wont be its hard to say if its possible to bail them out .

On June 3 Alexander Misharin, First Vice-President of the state-owned Russian Railways announced that the New Development Bank (NDB) of the BRICS countries, formally established in 2015, after hearing the presentation from Russian Railways, has agreed to provide partial financing of up to $500 million for the Moscow-Kazan high-speed railway project. China has recently confirmed plans to provide a 400 billion-ruble or $6 billion loan for Russia’s Moscow-Kazan section of what will be a far greater Moscow-Beijing high-speed rail link of the One Belt, One Road infrastructure. China will also give equity financing of 52 billion rubles and an additional $1 billion to complete the project. journal-neo.org...


I had heard of that road but am not sure just how serious it was .But the Eurasian project is going ahead .



High speed rail is not usually used to haul heavy freight, but even if it were rail shipping costs are about triple that of container ship freight cost.

Consider this. The New Panamax class of container ships (and there are larger) carry up to 14,500 TEU (Twenty-foot Equivalency Units) of container freight. Even the extremely large intermodal container trains that run on the Transcon in the USA can only carry 600 TEU per train (4 TEU per platform X 150 platforms per 10,000 ft train). That works out to be 24 trains per ship load. Replacing ships with trains for inter-continental freight transport simply isn't going to happen.

And just to blow your mind, that would be about 7,000 semi-truck loads per ship....

What would that do to the daily commute?



posted on Sep, 9 2016 @ 02:09 AM
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a reply to: Montana

If what Pepe Escobar writes is even close to accurate then the biggest economy in the world has its sights on the biggest market in the world .And it will all be linked by rail .US may be able to rule the seas but if its a land route then there is no way of a blockade . Think of a 3 day train ride to Europe by rail compared to a 2 to 3 week boat ride .

""Putin and Xi met for the 15th time just after Xi concluded a three-nation Eurasia tour – Serbia, Poland and Uzbekistan – where, alongside Foreign Minister Wang Yi, he explicitly laid down the bridge between the New Silk Roads, or One Belt, One Road (OBOR), as they are officially referred to in China, and the development of the Shanghai Cooperation Organization (SCO).

Not by accident China has now also struck a “comprehensive strategic partnership” with Serbia, Poland and Uzbekistan – on the way to weaving a broad “China-Europe strategic partnership” in parallel to the development of the SCO.

This already translates into projects such as the Hungary-Serbia railway; the Pupin Bridge on the Danube River in Belgrade; the expansion and upgrading of a power plant in Kostolac; what Beijing calls the China-Europe freight train service (from eastern China to Duisburg in Germany and also Madrid); the Kamchiq Tunnel in Uzbekistan; and last but not least the massive China-Central Asia natural gas pipeline system.

No wonder Xi keeps stressing the “inter-connectivity” theme over and over gain, as economic corridors are being built at breakneck speed, and the China Railway Express all the way to Europe – although not yet on high-speed rail – is already a go. www.globalresearch.ca...

It helps when you have $4 trillion in foreign currency reserves and massive surpluses of steel and cement. That’s the sort of thing that allows you to go “nation-building” on a pan-Eurasian scale. Hence, Xi’s idea of creating the kind of infrastructure that could, in the end, connect China to Central Asia, the Middle East, and Western Europe. It’s what the Chinese call “One Belt, One Road”; that is, the junction of the Silk Road Economic Belt and the Twenty-First Century Maritime Silk Road.

And don’t forget about the bonuses that could conceivably follow such developments. After all, in China’s stunningly ambitious plans at least, its Eurasian project will end up covering no less than 65 countries on three continents, potentially affecting 4.4 billion people.

The Silk Road revival started out as a modest idea floated in China’sMinistry of Commerce. The initial goal was nothing more than getting extra “contracts for Chinese construction companies overseas.” How far the country has traveled since then. Starting from zero in 2003, China has ended up building no less than 16,000 kilometers of high-speed rail tracks in these years -- more than the rest of the planet combined.

And that’s just the beginning. Beijing is now negotiating with 30 countries to build another 5,000 kilometers of high-speed rail at a total investment of $157 billion."" www.tomdispatch.com...




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