Hanjin is a Korean sea container shipping company. One of the world's biggest with well over 100 major shipping vessels hauling Asian freight here and US goods back.
They filed for bankruptcy and almost all of their ships are frozen in place, many with consumer goods arriving for the holiday season.
All those Samsung flatsceen televisions, LG washers and dryers, all those computer components from Taiwan, Asian rice and tea, etc.
The price of overseas container freight is expected to jump by 50% in the panic over the next half year at least.
Walmart is going to be stuck like a pig over this. Those planned Black Friday deals and other sales across the entire retail sector will be a lot of advertising without any real price breaks. Asian stocks are going to take a huge hit.
Will this break the camel's back? I doubt it. But this is going to hammer every economy on the Pacific Rim, including in the US.
This is going to be like the price of gas going up to $4 a gallon but without the job boost to the domestic energy sector. Just a brutal stab at our prosperity.
This is definitely a case where nations need to consider the "too big to fail" crisis management to get those ships moving again.
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Hanjin Bankruptcy
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