Nightmare on Ocean Street! There are many forms of risk. Bankruptcy of a huge player is one we don’t think about or prepare for well.
Forwarders could have a big problem collecting fees they’ve paid already. and equipment owners may have difficulty getting their equipment back if it is tied up in disputes and court actions over who pays. Ports could be jammed up if ships get held due to legal orders.
Crisis mounts for container supply chains as Hanjin vessels anchor to avoid arrest and shippers scramble for alternative sailings
Source: Forwarders dangerously exposed by Hanjin bankruptcy, as scramble for unpaid debts and fresh capacity begins – The Loadstar