ONLY THE BEGINNING? The Hanjin Hamburg, one of what was once the world’s seventh-largest shipping lines vessels now stranded off ports around the globe. While the spectacular collapse of Hanjin Shipping might actually bring some respite to the global shipping industry by removing some excess capacity, analysts say the problems of weak global demand and too many ships will continue to put pressure on the sector. PHOTO: VESSEL FINDER
The problems that sank South Korea’s Hanjin Shipping last week could be just the tip of the iceberg, analysts say, with the long-running global economic downturn having left the industry drowning in excess capacity.