As previously detailed in our Supply Chain Alert, Hanjin Shipping, the world’s seventh-largest container shipper, filed for bankruptcy protection on August 31. Hanjin’s collapse is by far the largest container shipping bankruptcy in history and the consequences continue to reverberate throughout international supply chains and the transportation sector.
Although Hanjin is not among MIQ’s core carriers, we do have cargo caught up in this situation because of vessel share agreements by our core-carriers and shipper-specific arrangements. Our immediate task, therefore, is to obtain cargo release; mitigate any extra costs and expenses; and, deliver our clients’ cargo.
