The "Lehman Brothers" of the shipping industry

Korean «Hanjin Shipping Co» is at the edge of a cliff and the impact on the global maritime map cannot be predicted.

The Korean «Hanjin Shipping Co» giant’s appeal to the bankruptcy law for protection from creditors is expected to cause creaks and turbulence to the global container shipping industry.

International news agencies are transmitting that 93 of Hanjin ships remain "trapped" for the last days in 51 ports, in 26 countries around the world.

«Hanjin Shipping Co» is the seventh largest shipping company in the world.

Speaking to the financial agency Bloomberg, analysts believe that "the fall of Hanjin Shipping resembles that of the Lehman Brothers for markets”.

Among those who have chartered ships to Hanjin Shipping, are Greek interest shipping companies, with references referring to at least two Greek shipowners who are directly affected by this development.

The area where Hanjin Shipping Co. was active, the largest port in South Korea was one of the most active worldwide.

Every day, dozens of ships carrying containers with products arrived and unloaded at the point, which is noteworthy as it is the size of an area equal to 100 (!) Football pitches. Seo Seong Deok, a 35-year-old driver sees the hundreds of immobilized containers and wonders if this picture will change.

"We no longer have a job", says Seo, who is one of the 1,000 drivers who were employed and have been left on the street. "The Hanjin gate to the port was always filled with trucks and now fresh products are left to rot on the ships “he continues.

Analysts are pointing out that the shipping giant’s collapse happened at the worst possible moment during the year, since September is the "spearhead" of trade (Ed.: Traders are preparing this month for holidays like Thanksgiving and Christmas). The port operators emphasize that the owners are desperately trying to find alternatives.