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South Korea's biggest shipping group Hanjin is set to enter receivership after its creditors refused to provide further funding to the indebted firm.
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http://www.bbc.com/n...siness-37227560
Hanjin close down becos RadX�buy n eat Chinese Kimchi only
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now Cosco also goyang ; APL (NOL) sold to CGM chip chip
STX was another casualty already �2 years back (Singapore Listed some more)
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The�increasingly likely demise�of one of the world�s biggest container-shipping companies may offer some short-term relief to a sector battered by a global downturn in trade. It also could hasten further industry consolidation.
What the collapse of South Korea�s�Hanjin Shipping�Co.�won�t likely do is solve�the shipping industry�s biggest problem: 30% more space on ships than cargo to fill it amid a world-wide trading slump.
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http://www.wsj.com/a...glut-1472841698
RadX, i already posted it in recession le
Many probably can now feel the shiver...
The problem with shipping is always high cost of capital investment just like airline.
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The shipping business has been down since 2008. Prior to that, it enjoyed a short boom. That's another characteristics of shipping - short boom, long doom caused by opportunists (many non-shipping people jumping into the bangwagon) who get into the business when the market is up, only to realise the shits when there's a sudden over supply of capacity.
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But, if you think you can get cheap rates and excellent service from shipping lines during this lull period, you are in for a shock. The rates for certain modes and certain trades are quoting ridiculous freight and if you think you can get 5-star service from shipping lines, think again. It's more of a Sim Lim Joker Chew's level of service.
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I worry for coffee shops.
Last time people go there and talk nonsense for hours.
Now they just post online.
Somemore now can only drink beer and talk nonsense until 1030pm nia.
So the lawmakers assume those who drink until 1029 hrs to be mentally and physically capable to go home unaided.
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Somemore now can only drink beer and talk nonsense until 1030pm nia.
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isn't fuel cheaper now? hanjin might be a victim of carrying too much hedge on fuel previously and paying thru their nose for fuel. cost of ship already sunken, so can't be that.
business point of view, load is dropping, but we in this industry, know that those major electronics manufacturer will ship everything starting now to meet the christmas period. but the current climate is cold for the freight industry.
Fuel has been low for last almost 2 years ... Contracts must have expired now long time already ... It's just that the so called Baltic dry index at low tail for last 2 years and commodity prices low and dearth of empty space has forced shippers to squeeze the liners , also ships seem to be getting bigger n faster n maybe will die younger too now in view of lagging commodity prices
isn't fuel cheaper now? hanjin might be a victim of carrying too much hedge on fuel previously and paying thru their nose for fuel. cost of ship already sunken, so can't be that.
business point of view, load is dropping, but we in this industry, know that those major electronics manufacturer will ship everything starting now to meet the christmas period. but the current climate is cold for the freight industry.
Won't lower fuel prices also increase capacity? Shops can move faster.
It is a race to the bottom, lower fuel cost, cut freight rates. Most players are not making money with Baltic at current level.Won't lower fuel prices also increase capacity? Shops can move faster.
Lots of good analysis here. But can ask how to make $$$ from this huh? Any shipping stock advice?
Still a lot of overcapacity .... Maybe cos things are much more lighter and smaller people might be using more Aircargo this days too
Even some port expansion projects have mothballed and even abandoned in Australia
Won't lower fuel prices also increase capacity? Shops can move faster.
lower fuel prices means also, products cant sell at cut throat prices now, forcing elimation of freight, so most items locally produced.
NOL to be delisted from SGX on Tuesday
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SINGAPORE: About three months after French containing shipping firm CMA CGM acquired�more than 90 per cent�of Neptune Orient Lines (NOL), the Singaporean company is set to be delisted from the Singapore Exchange (SGX).�
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CMA CGM said in a press release on Monday (Sep 5) that NOL had obtained the necessary waivers and approval from SGX for the delisting, which will take effect at 9am on Tuesday.�
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http://www.channelne...ay/3100816.html
Edited by Blueray, 05 September 2016 - 02:13 PM.
SEOUL�South Korea�s�Hanjin Shipping�Co.�said it would take further legal action in countries beyond the U.S. to protect its ships and other assets from being seized by creditors.
Hanjin, the world�s seventh-largest container operator by capacity, plans to file for court protection in about 10 countries, including Canada, Germany and the U.K., this week, Korea�s Financial Services Commission said Monday.
The troubled shipping line aims to expand the scope of its court protection as soon as possible, with plans to pursue legal action in as many as 43 countries, according to the financial regulator.
A Hanjin spokeswoman said the company will make its best effort to prevent ship seizures and protect assets abroad.
The company�filed for bankruptcy protection�Friday in U.S. Bankruptcy Court in Newark. N.J.�under chapter 15, which deals with international insolvency matters, A court hearing is scheduled for Tuesday.
The injunction request comes after the company filed for bankruptcy protection in a Seoul court last week after its�creditors discontinued a financial lifeline�after years of financial assistance failed to keep it afloat.
Hanjin is currently the largest shipping company in Korea, operating approximately 60 regular lines world-wide, with 140 container or bulk vessels, according to court papers. It transports over 100 million tons of cargo a year.
Its failure would be the largest in the history of the container-shipping industry, dwarfing all previous carrier bankruptcies. Since Hanjin called in the bankruptcy lawyers, the refusal of ports to handle its cargo has stranded more than 50 ships at sea and more than half a million containers, according to the company.
Shares of Hanjin slumped by the daily limit of 30% in Seoul on Monday, as trading resumed after the shipper filed for court receivership last week.
With Hanjin heading for the industry�s worst-ever bankruptcy, terminal operators, ports and cargo handlers around the world haverefused to handle the company�s cargo�for fear they won�t get paid.
Several Hanjin ships have already been seized by creditors or turned away from ports in the U.S., China, Canada, Spain and elsewhere with terminals refusing to work with the company�s cargo.
NOL to be delisted from SGX on Tuesday
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SINGAPORE: About three months after French containing shipping firm CMA CGM acquired�more than 90 per cent�of Neptune Orient Lines (NOL), the Singaporean company is set to be delisted from the Singapore Exchange (SGX).�
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CMA CGM said in a press release on Monday (Sep 5) that NOL had obtained the necessary waivers and approval from SGX for the delisting, which will take effect at 9am on Tuesday.�
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Finally ....
No Orientals Left.
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Finally ....
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Edited by BenTong, 05 September 2016 - 03:49 PM.
No Orientals Left.
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One�by one, our local companies will be makan by foreigners ....
With freight so low, local businesses have lost some home ground cost advantage to foreign exporters from far away places.lower fuel prices means also, products cant sell at cut throat prices now, forcing elimation of freight, so most items locally produced.
With freight so low, local businesses have lost some home ground cost advantage to foreign exporters from far away places.
Also because of the competitive trading edge Singapore once had is no more relevant as more traders by pass Singapore and 'cos the world seems like getting smaller and Internet everywhere many local traders have retired from the traditional trades and children are not so keen too due to the financial risk taken ; the middlemen are history
yup middle men are history except shipping related... ship brokers still thrive. No, I am not referring to those who break ships into pieces in India and Bangladesh.
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IIRC, somebody actually spent tonnes of $$$ to set up an online portal for ship owners, charterers, traders to congregate and automate brokering of deals. Just like stock exchange. Sounds like an ideal world. But, it was a complete flop.
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Today, ship brokering and chartering is still done in a very traditional method involving humans searching and negotiating for charter hires, except instead of fax and telex, it's done through emails. Still can't take away the human connection.
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Looks like it's more stable than taxi driver job which is at risk now.
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Today, you can still hear shipping people saying "telex release" when they meant bill of lading being surrendered.
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Also because of the competitive trading edge Singapore once had is no more relevant as more traders by pass Singapore and 'cos the world seems like getting smaller and Internet everywhere many local traders have retired from the traditional trades and children are not so keen too due to the financial risk taken ; the middlemen are history
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Edited by Kangadrool, 05 September 2016 - 09:20 PM.
yup middle men are history except shipping related... ship brokers still thrive. No, I am not referring to those who break ships into pieces in India and Bangladesh.
IIRC, somebody actually spent tonnes of $$$ to set up an online portal for ship owners, charterers, traders to congregate and automate brokering of deals. Just like stock exchange. Sounds like an ideal world. But, it was a complete flop.
Today, ship brokering and chartering is still done in a very traditional method involving humans searching and negotiating for charter hires, except instead of fax and telex, it's done through emails. Still can't take away the human connection.
Looks like it's more stable than taxi driver job which is at risk now.
Today, you can still hear shipping people saying "telex release" when they meant bill of lading being surrendered.
Erm.. Shipbrokers these days also very difficult Liao . Charters rate are way too low for them to even cover cost . During the 05 to 08 boom years , one capsize charter rate is 200k per day , merry go round charter and sub charter couple of times of period charter of 5 years , one vessel commission can last them for years , minimum comm 7 digits Liao ..
Imagine got one owner with 10 vessels as your customer ......
These days ? Capsize charter not even 6 k today , how to cover cost ....
yup middle men are history except shipping related... ship brokers still thrive. No, I am not referring to those who break ships into pieces in India and Bangladesh.
IIRC, somebody actually spent tonnes of $$$ to set up an online portal for ship owners, charterers, traders to congregate and automate brokering of deals. Just like stock exchange. Sounds like an ideal world. But, it was a complete flop.
Today, ship brokering and chartering is still done in a very traditional method involving humans searching and negotiating for charter hires, except instead of fax and telex, it's done through emails. Still can't take away the human connection.
Looks like it's more stable than taxi driver job which is at risk now.
Today, you can still hear shipping people saying "telex release" when they meant bill of lading being surrendered.
Yes the chartering part in large scale is still done by brokers and no way can they come up with like " trip advisor " kind of portal
Every mode of transport got heavy competition or survival game except our bus operators and trains
Telex release is a convenient signal word though it's called seaway bill or surrender BL
In fact sea freight charges are not really high - it's the bloody documentary charges charged here which is the killer at times and LCL ( for loose cargo collection at KD) which is the real killer
I think also same like our air tickets .... Airport tax ... Security this and that ... Macham macham got one ... And the air ticket component is like hardly 2 figures at time
still need to give gold rolex as intro? .... hehe
yup middle men are history except shipping related... ship brokers still thrive. No, I am not referring to those who break ships into pieces in India and Bangladesh.
IIRC, somebody actually spent tonnes of $$$ to set up an online portal for ship owners, charterers, traders to congregate and automate brokering of deals. Just like stock exchange. Sounds like an ideal world. But, it was a complete flop.
Today, ship brokering and chartering is still done in a very traditional method involving humans searching and negotiating for charter hires, except instead of fax and telex, it's done through emails. Still can't take away the human connection.
Looks like it's more stable than taxi driver job which is at risk now.
Today, you can still hear shipping people saying "telex release" when they meant bill of lading being surrendered.
All this slump in shipping is caused by one thing.
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Miniaturisation of electronics.
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Last time we had big CRT TV and the ships were full.
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Now we have slim line LCDs and the ships are 30% empty.
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Same with PCs into Ipads. Grandfather clocks into small
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digital ones. Adult education videos in VHS into online
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streaming and no need shipping.
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Very good observation.
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Nanotechnology should be banned.
Asking for quotations is always a pain in the rear whether in good time or bad time. ![[laugh]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tdoI9DZTG9-m4DZGiHx7KOM2Qu5FBR5hY9lKA5Z34-HtbJzlBSJmXpJJ0Kb0NzaMwRrbKcOwHSc-7sDuHAsPlYc59Jtfv6cpLj_CfHKupH3fZLthy29gQebkKRQd_Cnd-fJhyAVQ=s0-d)
Dont know if this affect the freight. Apparently having difficulty to book vessel to ship items from Japan
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Edited by Kangadrool, 06 September 2016 - 04:26 PM.
Asking for quotations is always a pain in the rear whether in good time or bad time.
That one i dont know, my girl handle the logistic part
Very good observation.
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Nanotechnology should be banned.
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Yeah if they don't ban it.
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Deliveries will be done by
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ships this size.
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Edited by Jamesc, 06 September 2016 - 07:53 PM.
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