SEOUL, Nov. 1 (Korea Bizwire) — Nearly two-thirds of South Korea’s top 30 conglomerates have been dissolved or dropped out of the standings since the 1997 Asian financial crisis, a market tracker said Wednesday. According to corporate tracker CEO Score, 19 family-controlled conglomerates, called chaebol here, disappeared altogether from the list with the remainder maintaining [...]
BUSAN, April 21 (Korea Bizwire) – Global shipping companies have reduced their calls at South Korean ports despite adding more worldwide services, partly a result of Hanjin Shipping going bankrupt, a research organization said Friday. Four different shipping alliances have been realigned into three major players — 2M, The Alliance and Ocean Alliance — in [...]
SEOUL, April 12 (Korea Bizwire) – In the wake of growing concerns over the future of one of South Korea’s biggest shipbuilding companies, DaeWoo Shipbuilding & Marine Engineering (DSME), more than 90 percent of employees have agreed to return some of their salary as part of a collective effort to cut spending and save the company. [...]
SEOUL, Apr. 11 (Korea Bizwire) — Since last year’s fall of Hanjin, one of South Korea’s largest shipping companies, the New Port of Busan, which is mostly managed by foreign operators, has reported profit and revenue gains, according to recent business reports. An accounting report released yesterday by DP World revealed the Dubai-based port operating [...]
SEOUL, Feb. 2 (Korea Bizwire) – A South Korean court said Thursday that it has decided to end a rehabilitation plan for embattled Hanjin Shipping Co., heralding the liquidation of the country’s one-time top shipping line. The Seoul Central District Court said it will announce the liquidation for the cash-strapped shipping firm on Feb. 17. [...]
BUSAN, Nov. 30 (Korea Bizwire) – Foreign shippers have increased their market shares in major global shipping routes following the bankruptcy of Hanjin Shipping Co., defying expectations that its Korean peer Hyundai Merchant Marine Co. would secure a chunk of Hanjin’s share, data showed Wednesday. Hanjin accounted for 7.78 percent of the Asia-U.S. shipping route [...]
SEOUL, Oct. 21 (Korea Bizwire) – Cash-strapped Hanjin Shipping Co. is moving to sell its stake in a U.S. affiliate that operates a terminal in the Port of Long Beach, California, as part of efforts to raise cash needed to stay afloat, industry sources said Friday. According to the sources, Hanjin Shipping is planning to [...]
SEOUL, Oct. 14 (Korea Bizwire) – Part of cash-strapped Hanjin Shipping Co.’s assets went up for sale on Friday as the company is struggling to raise the cash needed to repay debts and unpaid bills, industry sources said. The country’s No. 1 shipper currently under receivership got a nod from a local court Thursday to [...]
SEJONG, Sept. 26 (Korea Bizwire) – The Korean government decided Sunday to reinforce its supply of support packages (food and daily necessities) to Hanjin Shipping employees still stranded at sea following the bankruptcy of the shipping giant. As of Sunday, there were 59 Hanjin-owned vessels at sea, with 518 Korean and 720 overseas employees on [...]
SEOUL, Sept. 13 (Korea Bizwire) – The chief of Hanjin Group, the parent for ailing shipper Hanjin Shipping Co., has borrowed 40 billion won (US$36 million) from banks in order to help the group’s cash-strapped shipping line, sources said Tuesday. Cho Yang-ho, chairman of the logistics conglomerate, has pledged to provide some of his private [...]