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Hanjin Brings One of World's Busiest Shipping Terminals Close to Standstill

  • More than 11,000 jobs in Busan at risk if shipping line folds
  • Hanjin containers piling up, paralyzing terminal operations
Bloomberg business news

Seaspan CEO: Hanjin Fallout Is Like Lehman for Shipping

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The Hanjin Shipping Co. terminal at South Korea’s largest port used to be one of the world’s busiest. Dozens of container carriers would line up to ferry boxes to and from the giant cranes that loaded and unloaded the world’s biggest ships.

Last week the terminal, as big as 100 football fields, came to a virtual standstill. In front of hundreds of containers stacked four-high, Seo Seong Deok, a 35-year-old driver of the port tractors, wondered if he would ever get to move them again.