Hanjin Fall Is Lehman Moment for Shipping, Seaspan CEO Says - Bloomberg
The fall of South Korea’s biggest container line Hanjin Shipping Co. is similar to the 2008 collapse of Lehman Brothers Holdings Inc. and has materially impacted the shipping industry, Seaspan Corp. Chief Executive Officer Gerry Wang said.
The South Korean government estimates Hanjin Shipping needs at least 600 billion won [530 million USD] to cover unpaid costs like fuel and cargo handling.
“At the end of the day, the [shipping] industry has been money losing,” Wang said. “For like any industry, for long term, it’s just not sustainable.”