The bankruptcy of South Korean shipping company Hanjin Shipping has had widespread effects. It has increased freight costs due to reduced transport capacity and led to 15,000 workers being unemployed. Cargo has been left stranded on vessels denied entry to ports due to payment concerns. Major companies like Samsung and LG have been significantly impacted as they shipped large volumes through Hanjin. The Panama Canal and South Korean markets have also been affected by Hanjin's bankruptcy. While competitors may benefit from increased demand in the short term, the overcapacity in the shipping industry means the impacts will be short lived and the market weakness remains.