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Capitalism: Container carriers started to collapse
  • Vitaliy_KiselevVitaliy_Kiselev

    Hanjin is one of the world’s biggest shipping lines and filed for bankruptcy protection last week in Seoul. That’s created a bizarre situation on the high seas for 85 Hanjin ships that have been effectively marooned offshore as ports in the U.S., Asia and Europe have turned the company’s ships away.

    As much as $14 billion worth of cargo stranded at sea.

    Low shipping rates (below cost) had been one of the reasons, besides low oil prices, allowing leading capitalist economics to not go back into severe recession.

  • 2 Replies sorted by
  • MirrorManMirrorMan

    http://boingboing.net/2016/09/07/artist-in-residence-stuck-on-b.html

  • Vitaliy_KiselevVitaliy_Kiselev

    And builders can follow

    A dramatic collapse in newbuild orders due to a weak market environment across all shipping sectors is putting pressure on the global shipbuilding industry. Just 7.2 million compensated gross tones (CGT) of new orders have been placed through the first eight months of the year, by far the lowest year for new orders since at least the early 1990s, and possibly longer (accurate orderbook data is patchy pre-1996).

    http://teekay.com/blog/2016/09/06/tanker-insights-global-shipyard-landscape/

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