Just over a month ago, Hanjin Shipping Co, the world’s 7th largest shipping and Logistics Company in the world, filed for receivership on August 31, 2016. Hanjin Shipping Co. bankruptcy caused a major impact not just to logistics and shipping, but to the underpinning global supply chain and its sourcing operations. It has left nearly 80 ships with almost 500,000 containers offshore, with goods worth over $14 billion marooned at sea. The event, considered one of the biggest bankruptcies ever filed by a shipping company, has a disruptive domino effect on the supplier-dense regions of the world, in turn affecting supplier health and sourcing operations.
August 10, 2016
“50 percent of businesses fail in the first year and 95 percent fail within five years. Better success rates notwithstanding, a significant percentage of new businesses do fail.”
- US Small Business Administration, 2014 Statistics