CHINA SHIPPING & COSCO

I think they meant Hanjin. Shame about that, I liked working their yard in LB.

https://duckduckgo.com/?q=hanjin+bankruptcy&ia=web

 

Hanjin just went down too. We are on the very edge of a Global Depression right now. Things are about to get very bad on top of this planet.

 

Nope, COSCO and China Shipping.....

 

I guess when you loose 1.1BLN in the firs 6 months that's what happens. I think the Chinese Government was heavily involved to make that merger happen which may be part of the problem. We know how well things go when our government gets it's nose in something.

 

I hauled containers for 5 years out of Chicago, and even in the '90's, Hanjin was big. I was somewhat surprised to see that, but like scottied sez, and analysts have been predicting it for years, you ain't seen nothin' yet. I mean, these Asians are cranking out products, there's no where to go with this junk. While I feel the "Buy American" products is the way to go, for us, it's destroying the global economy and we're bound to get sucked into that. In N.Wis. companies are pulling out left and right. G-P closed a big hardboard plant, and Caterpillar announced it will shut down their forestry product division in Prentice, Wis. laying off hundreds of workers. In an area like N.Wis. that's devastating, and that doesn't include the spinoff industries associated with those plants ( uniforms, food service, etc) I'm sure I'll see a time when our little grocery store can't get products. It's happening already. Gonna get a lot worse before it gets better, that's for sure.

 

There has been over-capacity in the shipping business for years now. Shipping lines thought they could ride out the storm (pardon the pun) and doubled down on their bets by ordering new mega ships by the dozens. Not only were they larger but faster and thirstier. Now Maersk, the worlds largest line has ordered its ships to "steam slow" to save fuel, never mind that fuel is cheaper now than several years ago. That tells you what bad shape shipping is in. Also, the mega carriers are serving the same mega ports. Too many hens pecking after the same pea. We haven't seen the last of the carnage. For more info check out Lloyds Shipping News.

 

China Shipping and COSCO have swung to a net loss, that doesn't mean they are about to go under. AS @bluerider just pointed out, check Lloyds shipping news, they aren't the only ones, CMA CGM has issues as well. A lot of it is an oversupply of ships, with an undersupply of goods, contrary to how much the left keeps telling us the rosy pics of job growth and a growing economy, it isn't there.

 

This situation just goes to show that all the 'experts' and 'professionals' aren't as smart as they would have you believe. They should have learned from the past. But if history teaches us anything, it's that we don't learn from history.

 

Well , someone made a lot of money selling ships though