“The fallout of Hanjin Shipping is like Lehman Brothers to the financial markets,” said Gerry Wang, Seaspan Corp. Chief Executive Officer, adding that the fall of South Korea’s biggest container line has impacted the shipping industry.
“It’s a huge, huge nuclear bomb,” said Wang in an interview with Bloomberg. “It shakes up the supply chain, the cornerstone of globalization.”
Reuters reports that there are two Greek-controlled shipping companies that have acquired one vessel each from the bankrupt company. No information, however, was given on the transaction price or the identity of the holders.
There are about 93 ships, including 79 container vessels, stranded at 51 ports in 26 countries. Hanjin’s fall is disrupting global supply chains. Work is being done to help the company offload cargo stuck aboard many ships.