Hanjin filed for court receivership on August 31, leaving its ships stalled around the world while carrying an estimated $14 billion worth of stranded cargo, much of it Christmas goodies headed for retailers' shelves.
The shipping line was no minor industry player; industry data provider Alphaliner placed Hanjin as the seventh-largest globally, with 98 ships and a 2.9 percent market share. That compared with the largest, APM-Maersk, which has around 622 ships and a 15.4 percent market share.
"(Hanjin's fall) is a reflection of the state of the industry's carriers. The carriers have not been earning a sufficient return on capital; there's been oversupply of shipping space, rates have been extremely low," said Jeremy Masters, Peel Ports Group's Asia Pacific regional director last week.
Leslie Shaffer contributed to this report.
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