LA Times reports that Hanjin, ”like other large shipping lines, has struggled with overcapacity brought on by a massive ship building boom and sluggish demand.”
Hanjin Shipping Co. vessels are languishing off the ports of Los Angeles and Long Beach, delaying the delivery of goods following a bankruptcy filing by the South Korean shipping giant.
Port of Long Beach spokesman Michael Gold said its terminals are not accepting any new Hanjin imports or exports, while one terminal, TTI — in which Hanjin has a majority stake — is not even releasing any already-accepted Hanjin containers.
The disruption — which has reportedly occurred in other ports across the world — came after Hanjin filed for bankruptcy protection Wednesday after its creditors rejected a restructuring plan.
The company, like other large shipping lines, has struggled with overcapacity brought on by a massive ship building boom and sluggish demand.