Hanjin Shipping has to return chartered-in ships to owners and to sell as much of its own fleet as it can, a South Korean bankruptcy judge said Monday.
The recent bankruptcy of South Korean ocean carrier Hanjin Shipping is causing "widespread disruptions" to supply chains across the country, according to the National Retail Federation, which wants the U.S. government to step in.
Global marine underwriting premiums last year amounted to $29.9bn, a 10.5 percent reduction on the 2014 figure, according to annual statistical report from IUMI, the International Union of Marine Insurance.
The world's seventh-largest deep sea cargo transportation carrier, Hanjin Shipping, filed for court receivership - a form of bankruptcy protection - on Aug. 31. Chaos has promptly ensued in a number of markets, and it won't end any time soon, according to Ashley Cruz, IBIS World Procurement Research Analyst.
Having weathered numerous downturns in the past, major container lines might have thought they were immune from the laws of supply and demand. Now they know better.
Research in the design and development of fully autonomous and unmanned merchant vessels could reduce human error and provide financial savings through crew salaries and the omission of crew accommodation. However, these vessels, monitored from land, will require high-quality and reliable communication systems between the unmanned ship and shore. The communication systems are critical for safety and security and will come at a high cost.
The latest news, analysis, services and systems regarding global logistics and freight and their impact on global supply chains. Today’s companies are transporting and delivering perishables and manufactured goods faster and farther around the world than ever before through global logistics solutions. New technologies that provide information during global shipments are transforming the way companies do business - and allowing them to stay ahead of the competition in their industries. As transportation and distribution services continue to evolve, businesses are discovering new ways to increase efficiency and cut costs. Learn how companies are using global logistics solutions to power their supply chains.
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