On September 20, 2016 NAEGA joined a multi-industry letter to U.S. Secretary of Commerce Penny Pritzker from organizations representing manufacturers, farmers and agribusiness wholesalers, retailers, importers, exporters, distributors and transportation and logistics providers regarding the recent decision by the Hanjin Shipping Company to seek bankruptcy protection. The recent bankruptcy filing by Hanjin Shipping has already begun to disrupt supply chains and freight shipments leading up to the busiest shipping time of the year. U.S. industry relies on a high level of predictability and efficiency in global supply chains. Seizure of Hanjin assets and shipper’s goods by Hanjin creditors is increasing anxiety among those that rely on these supply chains. In addition, critical cargoes remain stranded overseas as freight prices continue to rise. This letter to Secretary Pritzker calls for continued engagement with the South Korean government regarding these events in order to secure an economically beneficial resolution that will allow cargo to once again flow efficiently through the supply chain.
A copy of the letter can be found here. For more information, please contact Gary or Ryan.