Asian players evaluate the impact of Hanjin’s bankruptcy protection
An agent in Malaysia reported that they have not been affected by the shipping company’s decision as a result of paying extra attention not to use their service. The agent said he was expecting this based on the company’s financial results.
A trader in Vietnam reported they are not working with the company but noted, “We heard that Hanjin promised to ship cargoes to their customers, so we don’t think there will be any problem despite filing for bankruptcy protection.”
A distributor in China opined, “We have seen no impact on prices regarding this issue and we think mostly European countries will be affected, but only temporarily. They can always switch to another shipping company.”
On the other hand, a producer in China who believes the bankruptcy protection filed by Hanjin will affect the market says, “We heard shipments from Korea to China are not affected, but shipments from Korea to the US and Europe will be affected.”
A woven bag converter in the Philippines said that possible effects on supply might be seen only after the end of September. “Even our suppliers are looking for higher freight costs, blaming Hanjin,” added the converter.
A producer in Singapore reported that a great number of cargoes bound for China got stuck in Singapore, which will cause supply disruptions in the short term.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- China's PP market at almost 2-year low; H2 outlook bearish
- Asian spot ethylene market plunges to decade low
- Early July expectations emerge softer in Europe’s PP market
- Import PE prices fall to lowest in more than a decade across Asia
- Tightness pushes Asian PVC markets to 3-month high
- China’s PE market continues bearish run on sluggish demand
- PP and PE markets turn softer in Egypt, Mid-East
- European PET extends bearish trend into 3rd consecutive month
- European PS, ABS markets down after 4 months
- Thai PP, PE markets subdued by slowing economy, competitive imports