When the tale of Hanjin’s loss of life first broke on the cease of last month, the winning mood was that even though economic conditions for the transport enterprise have been manifestly very tough, Hanjin Shipping—that’s a part of the Hanjin Group, considered one of South Korea’s own family-owned chaebols—suffered from a few precise difficulties function of that difficult a part of Korean society; as an instance, the delivery situation became headed for a time by using a granddaughter of Hanjin’s founder, not because she had any education or revel in within the maritime enterprise, however because she became the nearest to be had relative to fill the location.
As the story has advanced, but, the consensus has gradually shifted to a notion that Hanjin may be the shipping industry’s “Lehman moment,” and only the primary of the massive vendors to fall. Even Maersk Lines, the sector’s largest and arguably healthiest transport employer, is in monetary problem; in August it stated that its 2nd-region income had reached $151 million, which at first appeared to be a shiny spot in an otherwise gloomy photograph of the industry, but became taken into consideration a disaster by way of Maersk; within the equal zone a yr earlier, Maersk recorded a $1.1 billion earnings, meaning that for August this 12 months its earnings had plummeted by using an unheard of ninety eight percentage.
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