After years of relentless decline in the Baltic Dry
index...
발틱드라이지수는
715에 머물다
수요일 부로 최대 사상자가 발생했는데, 한국의 한진해운이 파산신청을 법원에 제출했다. 이 회사는 한국
최대 해운사이며, 세계에서는 7위의 해운기업이다. 이 회사는 은행의 지원이 끊겼으며, 자산은 동결되는데, 중국으로부터 스페인에 이르기까지 화물선
접속이 거부당했다.
... today the largest casualty finally emerged on
Wednesday when South Korea's Hanjin Shipping, the country's largest shipping
firm and the world's seventh-biggest container carrier, filed for court
receivership after losing the
support of its banks, leaving its assets frozen as ports from China to
Spain denied access to its vessels.
For those unfamiliar with the company, here is a
brief overview from its
website:
Hanjin Shipping is Korea's largest and one
of the world’s top ten container carriers that operates some 70 liner and
tramper services around the globe transporting over 100 million tons of
cargo annually. Its fleet consists of some 150 containerships
and bulk carriers.
With 4 regional headquarters in the U.S.,
Europe, Asia and South East & West Asia, approximately 5,000 global staffs
as well as container terminals in world’s major ports contribute to Hanjin
Shipping’s world-class logistics network around the world.
로이터 보도에 따르면 한국개발은행이 이끄는 채권은행단은 화요일
부로 이 기업에 대한 지원을 끊었는데, 그룹의 모기업의 자금지원계획이 2015년말 현재 5.6조원 (50억 달러)에 달하는 부채를 해결하기에
부족하기 때문이다.
As Reuters reports, banks led by state-run Korea Development Bank withdrew
backing for the world's seventh-largest container carrier on Tuesday, saying a
funding plan by its parent group was inadequate to tackle debt that stood at 5.6
trillion won ($5 billion) at the end of 2015.
석 태수 한진해운 사장이 법원에 들어가다
Suk Tai-soo, president and chief executive officer of
Hanjin Shipping Co, arrives
at
a court in Seoul, South Korea, August 31, 2016.
South Korea's biggest shipping firm, announced the
filing for receivership and a request to the court to freeze its assets, which
the Seoul Central District Court planned to grant, a judge told
Reuters.
As part of the company's insolvency process, the court
will now decide whether Hanjin Shipping should remain as a going concern or be
dissolved, a process that usually takes one or two months but is expected to be
accelerated in Hanjin's case, the judge said. A bankruptcy for Hanjin Shipping would be the
largest ever for a container shipper in terms of capacity, according to consultancy Alphaliner, exceeding the 1986
collapse of United States Lines.
Coming as no surprise to anyone who has followed the
persistent decline in worldside trade, global shipping firms have been swamped
by overcapacity and sluggish demand, with Hanjin booking a net loss of 473
billion won in the first half of the year.
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. According to Reuters, KDB's decision to stop backing
Hanjin Shipping shows the government is taking a tougher stance with troubled
corporate groups.
The fallout from the country's unprecedented bankruptcy
invoked a statement from South Korea's Finance Minister Yoo Il-ho, who said that
"the government will swiftly push forth corporate restructuring following the
rule that companies must figure out how to survive and find competitiveness on
their own while taking responsibility."
To be sure, this decision is a fresh breath of air in a
world in which mega-corprations across the globe have become "too big to fail"
by default, and in many cases anticipate a government
bail-out.
According to South Korea's Financial Services
Commission, Hyundai Merchant Marine, the country's second-largest shipping line,
will look to acquire its rival's healthy assets, including profit-making
vessels, overseas business networks and key personnel, A Hyundai Merchant
Marine spokesman told Reuters nothing had been decided about the potential
acquisition of Hanjin assets and that the firm will hold talks with KDB. Hyundai
Merchant Marine is also in the process of a voluntary debt restructuring.
The question now is whether as a result of the
bankruptcy process there will be an unexpected failure in the global
supply-chain: South Korea's oceans
ministry estimates a two- to three-month delay in the shipping of some Korean
goods that were to be transported by Hanjin Shipping, and plans to announce in September cargo-handling
measures which could include Hyundai Merchant Marine taking over some routes, a
ministry spokesman said on Wednesday.
사태를 악화시키는 것은 한국개발은행이 한진해운 운영에 타격을
가했으며, 이 기업의 다양한 선적 자산이 동결되기 때문이다. 동결된 항구는 상해로부터 중국 샤먼, 발렌시아, 사반나 등이 한진 선박에 대한
우려때문에 접안을 봉쇄했다.
이제 한진 측은 고객의 화물을 보호하기 위해서 모든 방안을
강구해야만 한다, 그리고 목적지에 연기되지 않음을 확실히 해야한다.
Making matters worse, Reuters adds that KDB's move to
pull the plug was already having an impact on Hanjin's operations, with the company's various shipping assets
already frozen. Ports including those in Shanghai and Xiamen in
China, Valencia, Spain, and Savannah in the U.S. state of Georgia had blocked
access to Hanjin ships on concerns they would not be able to pay fees, a company
spokeswoman told Reuters.
Another vessel, the Hanjin Rome, was seized in Singapore
late on Monday by a creditor, according to court information. "Now Hanjin must do everything it can to protect
its clients' cargoes and make sure they are not delayed to their destination, by
filing injunctions to block seizures in all the countries where its ships are
located," said Bongiee Joh,
managing director of the Korea Shipowners' Association.
Finally, while jarring Hanjin's bankrtupcy was
inevitable: shipping industry economics have deteriorated. Charter rates for
medium-sized container ships have dropped from around $26,000 a day in 2010 to
$13,000 per day now. Container rates from Shanghai to the U.S west coast have
more than halved since then, from around $2,000 per 40-foot container in January
2010 to $596 per 40-foot box last week, data from the Shanghai Shipping Exchange
shows.
Shares in Hanjin Shipping have been suspended after
plunging 24% on Tuesday.
The global implications from the bankruptcy are unknown:
if, as expected, the company's ships remain "frozen" and inaccessible for weeks
if not months, the impact on global supply chains will be devastating,
potentially resulting in a cascading waterfall effect, whose impact on global
economies could be severe as a result of the worldwide logistics chaos. The good
news is that both economists and corporations around the globe, both those
impacted and others, will now have yet another excuse on which to blame the
"unexpected" slowdown in both profits and economic growth in the third quarter.
http://www.zerohedge.com/news/2016-08-31/global-supply-chains-paralyzed-after-worlds-7th-largest-container-shipper-files-bank
