“The U.S. Justice Department has closed a two-year investigation into allegations of price fixing by some of the world’s biggest container shipping lines without filing charges or imposing fines, according to the companies.” (src: wsj)
“The United States is concerned that the proposed alliances of several major companies, covering about 45 percent of all global shipping capacity, could lead to anti-competitive behavior.
This could slow global trade as about 90 percent of the world’s traded goods by volume and over 60 percent by value – $4 trillion – is transported by sea on container ships. The rest is on other vessels such as oil or gas tankers.” (src: reuters)
Great Lakes Sailing – Welland Canal HD time-lapse
2016: South Korean Hanjin Shipping company bankrupt
i acknowledge that shipping companies have no fun times – probably a lot of capacity was build up over the last decades with the rise of China as the factory of the planet – and now in an downward economy: merge, merge, merge… and try to fix prices or close down.
“Dozens of massive container ships are stranded at sea, looking for a place to dock after one of the world’s largest shipping companies went bankrupt. Lars Jensen, the CEO of Sea Intelligence Consulting, which focuses on container shipping, says the container ships are operated by the South Korean-owned Hanjin Shipping company.”
“It is some 85 to 90 vessels, and they really are scattered all over the world,” he says.
“Jensen says the ships anchored in or circling the high seas represent about half of Hanjin’s fleet. The company was the seventh-largest shipping line in the world until it declared bankruptcy Aug. 31, leaving an enormous amount of cargo stranded at sea.” (src: npr.org)