From the Los Angeles Business Journal:
As Hanjin Shipping Co. finally sank Friday, the Port of Long Beach looked to a future without its most important cargo carrier and former lease-holder of its largest terminal.
A South Korean court declared Hanjin bankrupt Friday, officially ending the company’s 40-year history in the global shipping trade.
Since the debt-laden company filed for bankruptcy protection Aug. 31, cargo volume has plummeted at the port, particularly at the formerly Hanjin-controlled Pier T, which has since been acquired by another shipper.
“Going forward with Pier T … we have every confidence that the port will have cargo coming in,” said Lee Peterson, a spokesman for the Port of Long Beach.