The collapse of US Hanjin Shipping has upset global trade as the nation's largest port turned away the company's ships leaving manufacturers scrambling for alternatives. Hanjin filed for court protection on earlier this week after its banks ended their financial support, resulting in ports from US to Spain , the US and China refusing to allow entry to Hanjin 's vessels. Hyundai reportedly had to cancel its orders with Hanjin and is looking for alternatives to ship its cargo. Home appliances, unlike mobile phones and semiconductors, are shipped by sea, leaving one official to note that "this will have an impact on the entire industry. South Korea's ailing shipbuilders and shipping firms, which for decades were engines of its export-driven economy, are in the midst of a wrenching restructuring. " The South Korean ministry has called on local rival Hyundai Merchant Marine to help out, however, as we have previously noted, it too is under voluntary debt restructuring.
The collapse of US Hanjin Shipping has upset global trade as the nation's largest port turned away the company's ships leaving manufacturers scrambling for alternatives. Hanjin filed for court protection on earlier this week after its banks ended their financial support, resulting in ports from US to Spain , the US and China refusing to allow entry to Hanjin 's vessels. Hyundai reportedly had to cancel its orders with Hanjin and is looking for alternatives to ship its cargo. Home appliances, unlike mobile phones and semiconductors, are shipped by sea, leaving one official to note that "this will have an impact on the entire industry." The South Korean ministry has called on local rival Hyundai Merchant Marine to help out, however, as we have previously noted, it too is under voluntary debt restructuring.