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05-26-2015, 07:46 PM | #1 |
Join Date: Jul 2014
Posts: 2,354
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I haven't seen much commentary on this issue, but notice a lot of stuff missing from local shelves that should have arrived weeks if not months ago, and thought others might be interested in the perspective shared in these two recent articles. The fact that many aisles at Wal-Mart are blocked this week with pallets of new stock might be taken as a hopeful sign that the log jam is breaking. Regards
Growing Shipping Alliances Are Straining Major U.S. Gateway Ports (Wall Street Journal, 4-May) "For years, the workhorse vessel that moved goods across the Pacific had a capacity to carry between 5,000 and 7,000 containers and it would take up to 10 hours to move a container from the port. But over the past couple of years, ships calling at West Coast ports have doubled in size. At the height of the peak period late last year the congestion was so severe that it would take up to eight days to move a container out of port and on to major importers of Asian goods such as Wal-Mart Inc., Home Depot Inc. and others.Port Progress (National Retail Federation, 12-May) "While the labor dispute at West Coast ports is officially over, it’s still not clear sailing. The slowdown was one of the worst in recent history. Retailers missed shipments of holiday merchandise, U.S. factories closed for lack of imported parts and agricultural exports rotted on the docks. Port officials estimate that it will take until sometime this month to work through the backlog of shipments, and the tentative contract agreement is subject to a ratification vote before it becomes final. Retailers may feel the impact through much of 2015: Consulting firm Kurt Salmon projects the slowdown could cost the industry $7 billion." |
09-18-2016, 11:27 PM | #2 |
Join Date: Jul 2014
Posts: 2,354
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Container shipping trouble continues. If you wonder why some new products seem to be taking their sweet time arriving, wonder no longer:
The Ghost Ships of Hanjin and Why They're Spoiling Christmas (Bloomberg, 8-Sept) <-- Nice video summary Hanjin’s bankruptcy is just one of the world’s shipping woes (SF Chronicle, 7-Sept) Hanjin Shipping's collapse likely to hit Christmas shoppers, postage (CNBC, 7-Sep) Quote:
Toys are likely to be the product most impacted (affected).
Quote:
"Since Hanjin filed for bankruptcy in Korea in late August, dozens of its ships have been denied access to ports around the world due to uncertainty about who would pay docking fees and container-storage and unloading bills. Half a million containers with cargo valued at $14 billion have been stranded at sea at a time when retailers are stocking up for the Christmas season."
Quote:
"The entire drybulk sector is largely a mess – Hanjin is simply the first domino to fall. Credit risk across most of the firms is high due to all of the refinancing work being done, and the uncertainty in the sector. Shipping requires long-term debt which is covered by relatively short-term leases – often a recipe for financial distress in times of market dislocation. If Hanjin is the first domino, it certainly won’t be the last. The industry is crucial to global trade and can’t be effectively financed without public equity, but like so many other capital intensive industries, capacity has gotten away from demand and ROIC has lagged for years now..."
Quote:
Hanjin’s collapse led ports around the world to deny service to its ships as vendors refused to unload cargo for fear they would not be paid, while some ships were seized by creditors, forcing the group to inject extra money to pay for unloading, a process that is ongoing.
This situation seems likely to worsen, as debt continues to soar, capital is in retreat, international tensions grow, policymakers cling to ideology and serve political objectives, and economies suffer. Last edited by Skoob; 10-09-2016 at 02:55 PM.. |
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