Stranded Hanjin Ships Spur Highest Rates in Over a Year: Chart

Hanjin Shipping Co.’s filing for court protection has helped boost freight rates on a key route to the highest in more than a year as its vessels are stranded at sea. The Drewry Hong Kong-Los Angeles container rate benchmark surged 40 percent to $1,743 per 40-foot box in the week ended Wednesday. There’s a “near-term capacity squeeze” as ports are requiring payment guarantees for Hanjin’s vessels to berth, Lee Klaskow and Talon Custer, analysts at Bloomberg Intelligence, wrote in a report.

Watch Next: Hanjin's Ghost Ships Seek Haven

Hanjin's Ghost Ships Seek Haven
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