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News / Industry News

Container Shipments MIQ

Hanjin Creditors Seek to Keep Ships Anchored in U.S. Waters

The Washington Post

Creditors of Hanjin Shipping Co. 117930 0.78 % , fearful of having their collateral disappear over the horizon, have asked a U.S. bankruptcy judge to reconsider a ruling preventing them from seizing several of the South Korean carrier’s ships.

A group of creditors who have gone unpaid for services such as towing and fueling say that the judge’s order shouldn’t apply to vessels chartered by Hanjin because they aren’t legally its property. The creditors have liens against Hanjin ships that would ordinarily allow them to foreclose on the vessels.

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Details from The September 2016 Short-Term Energy Outlook

U.S. Energy Information Administration

Key details from the latest Short-Term Energy Outlook released from the U.S. Energy Information Administration. Some of the highlights included the following:

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Freight Forwarding Shipping Carrier and Containers

Second ship from bankrupt Hanjin allowed into California ports

Reuters

A portion of the $14 billion in cargo trapped at sea by the bankruptcy of Hanjin Shipping Co Ltd (117930.KS) began moving out of one California port on Monday, and a second ship received orders to head to dock, after the turmoil created by the South Korean company’s collapse. Truckers began moving freight from the Hanjin Greece, one of roughly a dozen of the company’s ships destined for the U.S. West Coast, out of the port of Long Beach on Monday, following a U.S. bankruptcy court’s grant of protection.

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monthly Global Port Tracker report

September Retail Import Strong Despite Hanjin Bankruptcy

National Retail Federation

Import cargo volume at the nation’s major retail container ports should be at near-peak levels this month even as retailers work to cope with the Hanjin Shipping bankruptcy, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

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U.S. Economic Snapshot

“The U.S. LEI picked up again in July, suggesting moderate economic growth should continue through the end of 2016,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board. “There may even be some moderate upside growth potential if recent improvements in manufacturing and construction are sustained, and average consumer expectations don’t deteriorate further.” – The Conference Board

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U.S. Unemployment Situation August 2016

U.S. Bureau of Labor Statistics

Total nonfarm payroll employment increased by 151,000 in August, and the unemployment rate remained at 4.9 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in several service-providing industries.

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August 2016 Manufacturing ISM Report on Business

Institute for Supply Management

Economic activity in the manufacturing sector contracted in August following five consecutive months of expansion, while the overall economy grew for the 87th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.

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MIQ Supply Chain Alert

Hanjin Shipping Files For Receivership – Potential Delays From Frozen Assets

Earlier today Hanjin Shipping Co. filed for court receivership. According to reports from Reuters, the largest South Korean container shipping firm and 7th largest in the world, made the decision to seek court receivership from the Seoul Central District Court on Wednesday. Additionally, the request to the District Court was to also freeze the assets of Hanjin. This decision came after Hanjin discovered that they were losing support from their banks. Hanjin’s debt reportedly stood at approximately $5 billion (USD), and their existing funding was no longer adequate.

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Cass Freight Index Report

Cass Information Systems Inc

July’s Cass Freight Index confirmed that overall shipment volumes (and pricing) are persistently weak, with increased levels of volatility as all levels of the supply chain (manufacturing, wholesale, retail) continue to try and work down inventory levels. That said, there have been a few areas of growth, mostly related to e-commerce, with lower levels of expansion being experienced in transit modes serving the auto and housing/ construction industries. All of this added up to slightly lower shipment volume in July, the seventeenth straight month of year-over-year decline.

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June 2016 Freight Transportation Services Index (TSI)

U.S. Department of Transportation

The Freight Transportation Services Index (TSI), which is based on the amount of freight carried by the for-hire transportation industry, rose 0.6 percent in June from May, rising for the third consecutive month, according to the U.S. Department of Transportation’s Bureau of Transportation Statistics’ (BTS). The June 2016 index level (122.3) was 29.1 percent above the April 2009 low during the most recent recession.

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