Hanjin Shipping Archives | Be Korea-savvy
S. Korea Losing Port Calls After Hanjin Shipping’s Bankruptcy

S. Korea Losing Port Calls After Hanjin Shipping’s Bankruptcy

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 [...]

Foreign Operators Benefit From Hanjin’s Fall at Busan Port

Foreign Operators Benefit From Hanjin’s Fall at Busan Port

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 [...]

Collapse of Hanjin Shipping to Push up Cost of Local Exporters: Survey

Collapse of Hanjin Shipping to Push up Cost of Local Exporters: Survey

SEOUL, March 2 (Korea Bizwire) – The collapse of Hanjin Shipping Co. is expected to push up shipping costs of local exporters, and thus undermine their competitiveness and profitability, a survey showed Thursday.  The once top South Korean shipping line was declared bankrupt on Feb. 17.  The failure of Hanjin is forcing local shippers to [...]

Hanjin Shipping Declared Bankrupt, Ending 40-Year Run

Hanjin Shipping Declared Bankrupt, Ending 40-Year Run

SEOUL, Feb. 17 (Yonhap) – Hanjin Shipping Co., a major shipping line in South Korea, was officially declared bankrupt by a Seoul court Friday, ending its 40-year run and heralding a fundamental change in the country’s shipping landscape.  The Seoul Central District Court decided to declare bankruptcy for Hanjin Shipping after a two-week period for [...]

Government Accelerates Efforts to Revitalize Shipping Industry

Government Accelerates Efforts to Revitalize Shipping Industry

SEJONG, Feb. 16 (Korea Bizwire) – With a Korean court’s imminent declaration of bankruptcy for Hanjin Shipping, which is scheduled for Friday, the Ministry of Oceans and Fisheries announced a set of plans to follow to help revive the local shipping industry.  During a press briefing on Wednesday at the government complex in Sejong City, [...]

Ex-Chairwoman of Hanjin Shipping Indicted over Illegal Stock Trading

Ex-Chairwoman of Hanjin Shipping Indicted over Illegal Stock Trading

SEOUL, Dec. 30 (Korea Bizwire) – A former head of Hanjin Shipping Co. was indicted Friday on charges that she illegally sold company stocks using insider information to avoid losses.  The Seoul Southern District Prosecutors’ Office said Choi Eun-young is accused of selling stocks of the financially troubled Hanjin Shipping in April after obtaining information [...]

Liquidation Preferred over Rehabilitation for Hanjin Shipping: Report

Liquidation Preferred over Rehabilitation for Hanjin Shipping: Report

SEOUL, Dec. 13 (Korea Bizwire) – An accounting firm assessing the viability of cash-strapped Hanjin Shipping Co. on Tuesday reported to a local court that the liquidation of the troubled shipper is “more economical,” rather than continuing its rehabilitation scheme.  Hanjin Shipping, once the country’s leading shipping company, was put under court receivership in September, [...]

Hyundai Merchant to Ink Deal on 2M Alliance This Month: Regulator

Hyundai Merchant to Ink Deal on 2M Alliance This Month: Regulator

SEOUL, Dec. 1 (Korea Bizwire) – Hyundai Merchant Marine Co., a leading shipping line in South Korea, is expected to strike a deal this month to join the world’s largest container-shipping alliance, the country’s top financial regulator said Thursday, dismissing reports of trouble in last-minute talks.  “Negotiations are likely to be completed around Dec. 10,” [...]