SEOUL, Dec. 23 (Korea Bizwire) — The portion of international cargo handled by South Korean shippers at the Port of Busan decreased to its lowest level as the local shipping industry is still struggling from the fallout from Hanjin Shipping Co.’s bankruptcy, data showed Sunday. A record 20.6 million twenty-foot-equivalent units (TEUs) of containers were [...]
SEOUL, Aug. 28 (Korea Bizwire) – South Korea’s shipping industry is still reeling from the fallout from Hanjin Shipping Co.’s bankruptcy last year as the remaining companies have yet to fill the vacuum left by Hanjin, once the nation’s top player, analysts said Monday. Hanjin Shipping, previously the world’s seventh-largest shipper, was put under court [...]
SEOUL, Aug. 8 (Korea Bizwire) – A group of 14 local shipping firms launched a business alliance on Tuesday so they can work together to develop new shipping routes and operate overseas terminals. Hyundai Merchant Marine Co., Pan Ocean Co. and 12 other shipping companies that are mainly involved in routes in the Asian region [...]
BUSAN, May 23 (Korea Bizwire) – Container cargo handled at South Korea’s biggest port of Busan has edged up over the past eight months despite the demise of Hanjin Shipping Co., once the country’s No. 1 shipping firm, data showed Tuesday. Container cargo processed at the southeastern port came to 13.05 million twenty-foot-equivalent units (TEUs) [...]
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, 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, 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 [...]
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 [...]
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, [...]
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. [...]