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The bankruptcy of Hanjin Shipping may seem like an isolated event, but expect it to have a major impact on the economy.
The Port of Los Angeles had its second-busiest month in its 109-year history in August, while neighboring Port of Long Beach saw overall cargo numbers decline year-over-year for the month.
Two Hanjin Shipping Co. vessels that had been waiting for more than a week to unload their cargo at the Port of Long Beach after the company filed for bankruptcy have finally been allowed to dock.
Parent plans to sink $90 million into bankrupt Hanjin to get cargo moving at ports.
All USC sociology professor Manuel Pastor wanted to do was catch some Z’s before having to give a keynote speech at the annual meeting of the National Alliance of Community Economic Development Associations in Cleveland a couple of weeks back.
The fallout from Hanjin Shipping filing for bankruptcy and ceasing operations this week was immediate, as cargo ships sat off the California coast unable to dock and freight companies scrambled to move their cargo.
TRADE: Hanjin’s collapse could prove big blow to Long Beach operations.
Bankruptcy of Hanjin Shipping leaves cargo shipments adrift at ports.
SHIPPING: Strike fallout, shakeup in retail outlook contribute to slowdown.
Slowdown in retail orders has put the brakes on the traditionally active holiday season for cargo movers.
Hanjin Shipping Co. Ltd. filed for bankruptcy protection Wednesday after negotiations with creditors failed, sinking the seventh-largest cargo container carrier in the world and one of the largest shippers at the Port of Long Beach.
SHIPPING: Bankruptcy of Hanjin could hurt tide of cargo at Long Beach port.
Embattled South Korean cargo container carrier Hanjin Shipping Co. Ltd. should soon know whether it will avoid bankruptcy as it approaches a Sept. 4 deadline for its $1.1 billion liquidity plan.
The passage this week of Senate Bill 32 to implement stricter greenhouse gas emissions standards creates uncertainty for businesses and may lead to more businesses leaving California, said Dorothy Rothrock, president of the California Manufacturers & Technology Association.
Caltrans reopened the 15 Freeway in both directions Thursday morning, two days after wildfires closed the major shipping corridor through the Cajon Pass, but some train routes were still delayed.
Container volume at the Port of Long Beach declined by 7.7 percent in July compared to the same month in 2015.
INTERNET: Stamps.com’s acquisitions continue to deliver for shareholders.
Stamps.com pursues package deals with the acquisition of shipping services.
CEO Isaac Larian is game for more time in court to protect MGA’s line of Bratz dolls from Mattel
MGA’s Isaac Larian reveals how a dishwashing job played into his toymaking career.