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Members of THE Alliance have put safeguards in place that kick in when cargo movement is stopped because a member company is insolvent.
THE Alliance members, Hapag-Lloyd, Yang Ming, K Line, MOL and NYK, are reacting to customer complaints about shipping interruptions, following the bankruptcy of Hanjin Shipping, which led to 100 ships, carrying about 500,000 TEUs of cargo with a value of $14 billion, being stranded around the world.
A representative of THE Alliance said the new agreement gives shippers the “safety net” they requested.
For more information, contact Debbie McGuire, Manager – Freight Solutions.
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