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95 PERCENT OF EVERYTHING YOU OWN TRAVELS ON HUGE CARGO SHIPS – AND 72 ARE STUCK AT SEA

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[9/9/16]  In the latest story demonstrating the fragility of the world’s supply line, around $14 billion worth of cargo remains stuck at sea on 72 ships, one week after a South Korean company filed for bankruptcy.

The cargo – which belongs to hundreds if not thousands of different businesses in America and the world — remains in legal limbo because Hanjin Shipping Company of South Korea is trying to avoid its creditors.

Off The Grid News first reported about Hanjin’s bankruptcy on Sept. 2, but little has changed since then. More than half a million cargo containers are on the ships. Thirty-nine of the ships are simply circling off ports to avoid seizure, The Wall Street Journal revealed. Another 42 ships are still at sea heading to their designations, and at least eight vessels have been seized by creditors or authorities. Hanjin filed for bankruptcy protection in South Korea on August 31 and in the USA on September 4 after running out of money.

Samsung has $38 million worth of items on the ships, and it is considering chartering 16 cargo planes to deliver goods to the US, the newspaper reported.

“We’re passengers on a bus, and we’re being told we can’t get off,” Evan Jones, a lawyer for Samsung, told the newspaper…CONTINUE READING