News

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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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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International Trade Policy Seminar To Be Held In Milwaukee, WI

Please join Husch Blackwell and MIQ Logistics in Milwaukee, WI on Thursday, October 27, 2016 for an afternoon seminar focused on issues in U.S. international trade policy and procedures. This seminar will offer practical knowledge and insight into legislation and related developments affecting the import and export of goods for U.S. companies.

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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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Transpacific Eastbound General Rate Increase (GRI) And Peak Season Surcharge (PSS), and Bunker Fuel Adjustments

The following announced levels from carriers are for upcoming General Rate Increases (GRI) and Peak Season Surcharge (PSS).  Additionally, you will find Bunker Fuel Level updates as well as the Low Sulphur Levels for the 4th quarter of 2016.

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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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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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