China is importing record numbers of North Korean coal in violation of international sanctions and the shipping industry is still suffering under its worst downturn ever.
China Ignores Sanctions, Imports Record North Korean Coal
It appears that China is interpreting the “people’s well-being” as meaning North Korea should be able to export record amounts of coal in defiance of sanctions against the rogue nuclear-armed state.
China imported 2.465 million metric tons of coal from North Korea in August, the highest on record, and 61% above what was bought in April, the month sanctions were supposed to take effect.
Shipping Downturn Claims Hanjin
The shipping industry is suffering its deepest downturn ever as trade slows. Around 90% of world trade is transported by sea.
South Korean container line Hanjin, which filed for receivership on Aug. 31, is the latest casualty in a crisis exacerbated by a glut of ships, many of which were built before the financial crisis when the global economy was healthier. It did, however, gain a reprieve when its ships were allowed to unload cargo that had been sitting around waiting for a resolution.