South Korea's Hanjin Shipping, the world's No. 7 shipping company, is in bankruptcy and has more than 40 massive container ships stranded at sea. Mike Radak, chief operating officer for Hanjin Shipping America, headquartered in Paramus, New Jersey, says the company needs a lot of money to solve the global problem. He said container shipping was a good business until the great recession of 2008. Container ships take six years to build, and vessels which were under construction before the recession are now underutilized.

Source: Fox News September 12, 2016 14:26 UTC