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Retailers look for government help for shipping crisis

|About: Walmart Inc. (WMT)|By: , SA News Editor

"While the situation is still developing, the prospect of harm is significant and apparent,” writes the Retail Industry Leaders Association to the Department of Commerce and the Federal Maritime Commission in wake of the bankruptcy filing of South Korea's Hanjin Shipping.

Hanjin handles nearly 8% of trans-Pacific trade volume, and terminal operators, ports, cargo handlers, truckers, and others are refusing to handle its cargo over fear they won't get paid.

The resulting chaos in the shipping industry - U.S.-bound cargo isn't leaving port, cargo-filled Hanjin ships can't get into U.S. ports, already delivered cargo sits un-handled - comes as U.S. retailers are about to begin stocking up for the holiday season.

Those most exposed include Wal-Mart (NYSE:WMT), Target (NYSE:TGT), and J.C. Penney (NYSE:JCP). Home Depot (NYSE:HD) says Hanjin isn't its only carrier, so it's not expecting a material impact.

Previously: Hanjin ships get stranded at sea (Sept. 1)

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