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California Companies Await Fallout From Global Shipping Company Bankruptcy

Wikipedia / Creative Commons
 

Wikipedia / Creative Commons

Some of California's largest food exporters say they are monitoring the situation that is developing as the result of a Korean shipping line's bankruptcy and failure to pay its bills.

A spokeswoman for Hanjin told the Associated Press that 27 ships have been refused entry to ports across the world so far.

The California Almond Board and the California Rice Commission say they have felt no effects yet from the Hanjin bankruptcy.

Hanjin container ships have started to line up near harbors in Long Beach and Los Angeles.

The World Maritime News reports another Korean shipping company will send at least 13 ships along Hanjin routes to help minimize the effect of the bankruptcy.

Costs for shipping using other containers have jumped by as much as 50 percent.