While most people in our industry are well aware that Hanjin Container Lines has went into bankruptcy, many people outside of our industry are not aware of that fact. There has been a vast array of complications that have been put on the drayage companies, ports that have to deal with the containers and ultimately the U.S. Black Friday sales frenzy that may fall short on some products stuck on vessels.
There are thousands of containers that are at ports, on ships, and in various drayage yards around the country. These containers take up space, increase time for drayage companies to navigate around these containers in their yards, and most importantly add costs to those companies that will be difficult to recoup from the Hanjin. These costs will be ultimately shared by the various companies and added to their overall operating costs. Collectively our industry may see a rise in short term drayage costs as a result of Hanjin's bankruptcy.
In a recent article from Transport Topics it has been said that Maersk, the market leader, may take part in some form of consolidation of Hanjin as well as Hyundai Merchant Marine as they are in the middle of a creditor-led debt restructuring program at this time as well.
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