Hanjin Shipping has finally entered formal bankruptcy, but has this changed much? Global container rates are 24% higher, but while long-haul rates have increased those within Asia are largely unchanged. Panjiva research highlighted back in August that the industry needs less capacity, not fewer operators to succeed. In that regard much of Hanjin’s capacity has been reallocated – for example one quarter went to MSC and Maersk. Additionally, a new carrier has emerged in the form of SM Lines. Hanjin’s demise may also have catalyzed the creation of Korea Shipping by the government w...