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Exports will be affected
TGM’s ability to meet its export commitments was hampered when one of the world’s top 10 shipping lines – Hanjin shipping of South Korea decided to file for court receivership as it succumbed to the prolonged depression in the global shipping market.
- With Hanjin’s future now determined, carriers have announced they will hike container freight rates by as much as 50 percent beginning next month as retailers scramble to secure shipping ahead of the peak year-end holiday season.
- About $14 billion worth of cargo was stranded by the collapse of the seventh largest container carrier in the world.
- People are scrambling to find a carrier with space