By Ashlyn Still, Jiachuan Wu and Christine Chan | REUTERS GRAPHICS
Hanjin’s collapse and the resulting chaos in the global shipping sector are symptoms of deeper ills caused by a capacity glut that will remain even after the resolution of Hanjin’s crisis.
WILD SWINGS
Segments of the global shipping industry are suffering with their deepest ever downturn and the collapse of Hanjin is the latest casualty in a crisis which began in 2008. Here’s a look at volatile freight rates for oil tankers and dry bulk ships:
Note: Rates refer to average daily earnings for dry bulk ships which typically transport 150,000-tonne cargos such as iron ore and coal, and supertankers capable of carrying up to 2 million barrels of crude oil on the Middle East Gulf to Japan route.
HANJIN SINKING
A look at year-to-date performance of Hanjin Shipping and the broader market. The troubled container shipper filed for court receivership on Aug. 31, a day after its creditor banks decided to end financial support for the company.
STALLED CARGO
Around $14 billion of cargo has been tied up globally as ports, tugboat operators and cargo handling firms refuse to work for Hanjin, the world’s seventh largest container shipper, after it filed for receivership in a Seoul court. Here’s a look at where Hanjin’s container ships are currently located as of Sept. 14:
Note: Map excludes Hanjin’s 53 tankers.
Also read earlier Mfame article: German Banks Count Cost of Global Shipping Crisis
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Photo: Reuters/Lucy Nicholson
Sources: Thomson Reuters; The Baltic Exchange
