BREAKING NEWS - URGENT *** GLOBAL SUPPLY CHAINS CRIPPLED AS 7th LARGEST CONTAINER SHIPPING CO. on EARTH FILES BANKRUPTCY

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BREAKING NEWS - URGENT *** GLOBAL SUPPLY CHAINS CRIPPLED AS 7th LARGEST CONTAINER SHIPPING CO. on EARTH FILES BANKRUPTCY. ASSETS SEIZED
Post by Newsroom - Aug 31, 2016    








A catastrophic disruption of the global supply chain struck this afternoon when the world's 7th largest container shipping company was cut off by its banks, refused entry to ports worldwide, filed Bankruptcy and had assets SEIZED!
The ramifications of this will be fast and utterly disastrous, worldwide as manufacturers cease receiving raw materials to make things, retailers will not be getting finished goods to re-stock store shelves or clothing racks. Worse, parts shipments in every imaginable industry will cease receiving parts for the duration of this disruption.  Everything from home appliances, to cars, trucks and trains could see a total inability to make repairs or perhaps even manufacture, because parts shipments have halted.
This is the type of unexpected "Black Swan Event" that could quickly topple stock markets worldwide, as Investors see companies unable to manufacture, process or repair things.  No manufacturing or assembly means no shipment of finished goods.  No shipments mean no sales.  No sales mean no money.  No money means no companies!!!!
 

DETAILS

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.
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For those unfamiliar with the company, here is a brief overview from its website:

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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.

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.