Hanjin accounts for about 3 percent of shipping containers globally. It’s big enough that U.S. retailers are worried that delays will shorten the busy holiday shopping season as they wait for goods to arrive. And U.S. exporters now anticipate a 50 percent hike in shipping fees, according to Peter Friedmann, executive director of the U.S. Agricultural Transportation Coalition.
There are lots of reasons for the bankruptcy – including lots of extra ships being in the water right now and a slowdown in the global economy – but this should be cause for concern if only because it showcases the magitude of some of the world’s economic issues right now.
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