Vessels stranded and rates soaring after Hanjin collapse

Hanjin Shipping’s bankruptcy has caused immediate ripple effects through the global supply chain with ships and cargo stranded while freight rates are up by 40% on some trades.

The Korea International Trade Association has said that about ten Hanjin vessels in China have been either seized or were expected to be seized by charterers, port authorities or other parties.

One ship was already seized in Singapore by a creditor last week. Meanwhile, three of its ships that were scheduled to berth at the ports of Los Angeles and Long Beach have been drifting nearby, unable to call at the US West Coast hubs.