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Shippers share much blame in collapse of Hanjin Shipping: SeaIntel

SHIPPERS played a major role in creating the conditions that led to Hanjin Shipping's bankruptcy filing, particularly, because the ongoing downwards pressure on rates in recent years has led to shipping lines becoming caught up in a heavily loss-making industry.

Shippers share much blame in collapse of Hanjin Shipping: SeaIntel
12 September 2016 - 20:11
Shippers share much blame in collapse of Hanjin Shipping: SeaIntel
SHIPPERS played a major role in creating the conditions that led to Hanjin Shipping's bankruptcy filing, particularly, because the ongoing downwards pressure on rates in recent years has led to shipping lines becoming caught up in a heavily loss-making industry.
"If we are being objective about this, the shippers are not without their part in creating this situation," said analyst SeaIntel in a report into the fall of Hanjin and the knock-on effects for global transport networks, reported Lloyd's Loading List. 
"It is of course impossible to see a situation where you can both have a stable supply chain and at the same time ensure that the providers of said supply chain are loss making.
"We are aware this might be a controversial point of view seen from shipper side, and we are not 'blaming" them alone - it takes two to tango.
"Yes, the carriers have engaged in price wars, and it is the carriers that at times, unprovoked, offered even lower rates. But we are saying that an industry where one part obtains significant savings while the other part is loss making is not a set-up which is long-term viable."
SeaIntel warned shippers worldwide to begin planning for rising costs for ocean freight compared to the current levels. "The alternative is a situation where we will indeed again see large-scale supply chain disruptions," the report said.
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