While some people begin their Christmas shopping in September or October, many others prefer to wait until the Yuletide season is in full swing to begin their search for holiday gifts. But in 2016, the December laggards may be left looking at empty shelves in stores and seeing “Out of Stock” notices on e-commerce sites.
All because of the financial difficulties of a single Asian company.
The problem is, we’re talking about Hanjin Shipping, the world’s seventh-biggest international shipper. The South Korean firm declared bankruptcy on August 31 because of a downturn in the global shipping industry. Hanjin’s move might trigger a chain reaction which could eventually bring down other shippers as well.
Here’s why it matters to you: because Hanjin is essentially out of money, they can’t afford to pay the hefty unloading fees; so ports are not permitting their container ships to dock. As a result, about 66 of their ships have been essentially stranded at sea along with some $14.5 billion of cargo.
Some of those shipping containers are holding large quantities of electronics goods and parts that were bound for the U.S. – goods which were supposed to be distributed to warehouses and manufacturers so that finished products would end up at retailers in time for the Christmas season. But if these goods remain on the adrift vessels, stores and e-commerce businesses won’t be able to restock their inventories before the holiday shopping rush.
Hanjin officials are scrambling to find the necessary funds needed to keep their company afloat and allow their ships to reach dry land. And there’s still a chance that Hanjin could merge with or be bought by another shipper in time for the situation to be remedied. But the possibility still exists that the pickings could be slim for gift-givers as Christmas Day draws nearer – so it may be in your best interest to start your Christmas shopping earlier than you had planned.
While we’re talking about getting a jump-start on Christmas, No Fuss Lights wants to remind you that installation appointments for holiday lights are going fast. So you may want to contact No Fuss Lights today to have a designer come to your home for a free estimate and then secure a date on our calendar when we can decorate your home for the holidays. Call 281-809-7021 for more information. Don’t put it off!