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Sept.19. 2016

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Page 9 of 55

COVER STORY 10 THE JOURNAL OF COMMERCE SEPTEMBER 19.2016 THE TIMING COULD hardly be worse. With the trans-Pacifi c and Asia-Europe peak season fi ring up as North Ameri- can and European retailers stock up for the holiday shopping season, the seventh-largest container line goes bust, stranding thousands of containers and sending spot rates rocketing. Hanjin Shipping's Aug. 31 bank- ruptcy fi ling in South Korea affects not only its customers, but also those of its CKYHE Alliance members whose cargo is on its ships and other carriers that have slot-sharing agreements with the South Korean ocean carrier. As many as 540,000 20-foot-equivalent con- tainer units alone were fl oating around on Hanjin vessels as of the fi rst week in September, the Korea Ministry of Oceans and Fisheries estimates. The biggest failure in container shipping history leaves supply chains in shambles and has shippers all over the globe asking, "What now?" JOC STAFF REPORT

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