Malsua 1,422 Posted September 9, 2016 My company does quite a lot of sea container shipping and if you've not heard, Hanjin declared bankruptcy. They are the worlds 7th largest shipper. Something within 3 feet of you has been shipped by Hanjin. Currently there are ships steaming around that no longer have permission or funds to dock and unload. We have a container on a ship that's sitting outside of the Panama Canal and can't come through. We'll survive, but I'm quite sure other companies will be harder hit. A couple of things to note. LG tvs and HP computers. If you're going to buy one of those, get it now or wait...a bunch of that is floating right now and who knows when it will get offloaded. Maybe today, maybe 20 weeks from now. Second, you're on a container ship, outside of a major port to a country you have no Visa for. The boat is low on fuel. There is no paycheck coming and you have no way to get to land, even if the host country would let you. Your 2 weeks of food was consumed already. How do you eat? How do you get home? What do you do? It's an interesting mental puzzle and one I wouldn't want to be locked into. Quote Share this post Link to post Share on other sites
Krdshrk 3,877 Posted September 9, 2016 Thaaaaaaaaaat ain't good. My neighbor is a truck driver - that's not good news for him... Quote Share this post Link to post Share on other sites
Oleg 8 Posted September 9, 2016 Transport companies declare bankruptcy all the time. I bet there are plans in place for situations like this. Quote Share this post Link to post Share on other sites
Malsua 1,422 Posted September 9, 2016 Transport companies declare bankruptcy all the time. I bet there are plans in place for situations like this. If there was, maybe they should tell those people on the boats. I'm not suggesting these are going to be zombie ships with swollen belly crew begging for food...but this is a big company and hopefully it isn't a bellwether for the world economy. http://www.zerohedge.com/news/2016-09-08/its-bordering-chaos-14-billion-cargo-stranded-sea-crews-go-crazy-hanjin-ghost-ships "It's Bordering Chaos": $14 Billion In Cargo Stranded At Sea, Crews "Go Crazy" On Hanjin Ghost Ships "Food and water are running down in those ships floating in international waters.” As a result, The company has started providing food, water and daily necessities to crews on six Hanjin ships anchored at ports including Rotterdam and Singapore. About 70 container movers and 15 bulk ships are stranded at 50 ports in 26 countries, according to Hanjin. One Hanjin captain operating a ship in international waters near Japan said his vessel has been given permission to enter a Japanese port Wednesday to unload cargo, but will be required to head back out soon after. Quote Share this post Link to post Share on other sites
capt14k 2,052 Posted September 9, 2016 Transport companies declare bankruptcy all the time. I bet there are plans in place for situations like this. Somehow in this case there was not. Looks like they are working some of it out but seems all ships need to dock in Korea or US and even then one of three docks in each country and offload there then transport by cargo plane the goods to their destinations. Reason being entire ships and their cargo were already seized in China by creditors and are under threat of seizure in other nations Sent from my iPad using Tapatalk Quote Share this post Link to post Share on other sites
SuperSixOne 4 Posted September 9, 2016 I read in a news article, (sorry don't remember where) that four of these ships had been seized for not paying fuel bills.. what happens to the cargo in the circumstance? Thanks Quote Share this post Link to post Share on other sites
MidwestPX 172 Posted September 9, 2016 I wonder how many containers of imported gun parts are going to be affected? Quote Share this post Link to post Share on other sites
1LtCAP 4,262 Posted September 9, 2016 chapter 11 or 7? Quote Share this post Link to post Share on other sites
mrg455 6 Posted September 9, 2016 Why not make a deal with the country who's port you're near, or another steamship line and sell the cargo to them. Quote Share this post Link to post Share on other sites
Lambo2936 297 Posted September 9, 2016 Wow that's crazy. Apparently this shit show started like a week ago already, im surprised i hadn't heard sooner. They only move a small percentage of the worlds freight but 3 or 4% can make a huge impact. Hopefully they get their shit together.Just read that article and it looks like all of the freight companies have been doing poorly.....it'd be a slight issue if more major transportation companies collapsed. Quote Share this post Link to post Share on other sites
Lambo2936 297 Posted September 9, 2016 Why not make a deal with the country who's port you're near, or another steamship line and sell the cargo to them. They are worried about creditors seizing their ships, and, most countries dont want to take them because they know they won't get paid! Quote Share this post Link to post Share on other sites
Krdshrk 3,877 Posted September 9, 2016 Why not make a deal with the country who's port you're near, or another steamship line and sell the cargo to them. It's not their cargo - they're just the shipping company. 1 Quote Share this post Link to post Share on other sites
fatty 241 Posted September 9, 2016 My company has over a dozen 40' containers sitting on the ocean in this mess thru Hanjin. The situation is pretty dire to say the least. The next few weeks/months will be very interesting and im not looking forward to dealing with the fallout.. Samsung has it pretty bad with around 200 million worth of products stuck at sea. Black friday should be entertaining lol Quote Share this post Link to post Share on other sites
Lambo2936 297 Posted September 9, 2016 Samsung has it pretty bad with around 200 million worth of products stuck at sea. The article said 38 Million, if i remember correctly. Quote Share this post Link to post Share on other sites
High Exposure 5,661 Posted September 9, 2016 Another large shipping company will come in, assume the fees, payroll, and outstanding fuel bills, make nicey-nicey with customs and port authorities, and it will be business as usual in short order. 2 Quote Share this post Link to post Share on other sites
Bighungry618 450 Posted September 10, 2016 Another large shipping company will come in, assume the fees, payroll, and outstanding fuel bills, make nicey-nicey with customs and port authorities, and it will be business as usual in short order. This^ But still... I have cans full of stainless steel test measures/proovers floating offshore and backlogged orders from customers that cant be filled......"business as usual" needs to be expedited. Quote Share this post Link to post Share on other sites
Malsua 1,422 Posted September 10, 2016 This^ But still... I have cans full of stainless steel test measures/proovers floating offshore and backlogged orders from customers that cant be filled......"business as usual" needs to be expedited. Here's another problem we have. We have some offloaded Hanjin containers sitting in the port, ready to be delivered. The port doesn't want to use a chassis (i.e. trailer wheels) on these containers. If they release the containers to us, we empty it and send it back. Now they have to deal with an empty container. If it has some cargo in it, they seem to think they have some leverage. They don't want a giant stack of empty containers taking up space in the port that no one lays claim to. That said, now might be a good time to buy one if you ever wanted a mostly water tight steel box to bury on your property. Quote Share this post Link to post Share on other sites
Oakridgefirearms 224 Posted September 10, 2016 I would take a few off their hands for storage........ Wasn't there a company making shooting ranges out of these? Thought I remember a post about that from a few years ago......... Quote Share this post Link to post Share on other sites
GRIZ 3,369 Posted September 10, 2016 Another large shipping company will come in, assume the fees, payroll, and outstanding fuel bills, make nicey-nicey with customs and port authorities, and it will be business as usual in short order. This is the answer. I've seen it done before. Yes it will take several days but remember someone's got to come up with probably hundreds of millions of dollars to put things back in motion. Quote Share this post Link to post Share on other sites
rifleman 90 Posted September 13, 2016 One of my containers is near Egypt, not underway. Good thing we don't need the things that badly. Quote Share this post Link to post Share on other sites
capt14k 2,052 Posted September 13, 2016 If anyone who deals with shipping by container knows how I can get one cheap out of this ordeal please tell. I've been wanting one for awhile now. They make for great storage. Sent from my XT1585 using Tapatalk Quote Share this post Link to post Share on other sites
Cereza 106 Posted September 13, 2016 I would take a few off their hands for storage........ Wasn't there a company making shooting ranges out of these? Thought I remember a post about that from a few years ago......... This is the answer. I've seen it done before. Yes it will take several days but remember someone's got to come up with probably hundreds of millions of dollars to put things back in motion. The current estimate is $542,000,000 USD to get things moving, and it's only going to go up the longer the ships sit, unable to dock. The situation doesn't affect my day-to-day but I am curious to see what happens. Quote Share this post Link to post Share on other sites
capt14k 2,052 Posted September 13, 2016 The current estimate is $542,000,000 USD to get things moving, and it's only going to go up the longer the ships sit, unable to dock. The situation doesn't affect my day-to-day but I am curious to see what happens. That ready range is great for people that can afford it and have a 40' garage. Out of my league. Thanks for sharing. Sent from my XT1585 using Tapatalk Quote Share this post Link to post Share on other sites
Newtonian 453 Posted September 13, 2016 You had me scared for a minute. Thought you were going to ask me to send $5,000 to my Nigerian uncle in return for seven pallets of HDTVs. Had the checkbook ready too. Quote Share this post Link to post Share on other sites