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Hanjin ships begin to unload
On Monday, September 19th, bankrupt Hanjin Shipping (ranked 10th in TEU volume management as of September 2016 according to Alphaliner) released information that is a glimmer of good news for some worried freight forwarders and U.S. retailers concerned about supplying the looming holiday season: 28 of 97 ships currently stranded throughout the world have been offloaded at ports in California, Spain, and elsewhere. Korean Air, the shipping line's largest stockholder and part of the Hanjin Group, has pledged 100 billion won ($54 million) including 40 billion won from the personal assets of its chairman to alleviate the current offloading distress.
That news, however, does little to shed light on the future of a company responsible for 10% of all China-US shipping, what will become of the assets currently stranded on the unloaded ships, how will any of the offloading or fueling services be paid for, whether the unloadings are even legal (see Bloomberg article), and how will the new shortage of available space on working vessels affect rates for all carriers.
National Bourbon Heritage Month
Did you know that U.S. Congress passed a bill in 2007 designating September as National Bourbon Heritage Month? The observance compliments a 1964 bill declaring bourbon as the 'national spirit' of the United States and encourages responsible celebration of the corn-based spirit. On September 1, 2016, Kentucky also issued a Bourbon Heritage proclamation for its state which includes a few fun facts on the state's role in the production and promotion of bourbon:
-Bourbon is a thriving $3 billion economic engine that generates more than 15,400 jobs with an annual payroll topping $700 million and $166 million in tax revenue every year.
-Bourbon production has skyrocketed more than 315 percent in the last 16 years, with 1.8 million barrels filled in 2015, the largest production year since 1974.
-There are 6.7 million barrels of Bourbon currently aging in Kentucky warehouses, the highest inventory in 40 years with a tax-assessed value of $2.4 billion, up 135 percent in the last 10 years.
Temperature Control expansion
WTDC has commenced expansion of its FTZ Temperature Control Warehousing. We will continue to provide updates through construction and completion. As mentioned in our last newsletter, WTDC’s FTZ business rose 37% in 2015 thanks in part to temperature control services for our Wine and Spirits customers from the Duty Free and Travel Retail industry.
Save the Date: Lod Mosaic at the Frost Art Museum
The Arts & Culture Committee of the Chile-US Chamber of Commerce is proud to announce its next event:
Lod Mosaic, Tour with Chile-US Chamber
Patricial and Phillip Frost Art Museum-FIU
FIU, 10975 SW 17th Street, Miami, FL 33199
Photo Credit: The Arab Daily News
Managing Travel Retail inventory in a Foreign Trade Zone
As a Foreign Trade Zone, WTDC offers specialized logistics services that save our Spirits and Travel Retail clients time and money. Advances in technology allow us to process incoming shipments upon the arrival notice with e214s before the ship hits the pier.