SEOUL, Jan. 19 (Korea Bizwire) – Hyundai Merchant Marine Co., a major shipping line here, said Thursday that it has decided to buy a stake in local troubled rival Hanjin Shipping Co.’s port terminal operator in the U.S., as part of efforts to save costs. In a regulatory filing, Hyundai Merchant said its board of [...]
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 [...]
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, [...]
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,” [...]
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, Nov. 22 (Korea Bizwire) – Hanjin Shipping Co. said Tuesday it has decided to sell parts of its container shipping businesses, including the U.S.-Asia route and related assets, to Korea Line Corp. for 37 billion won (US$31.4 million) as it struggles to secure much needed cash. In a regulatory filing, Hanjin, once the country’s [...]
SEOUL, Oct. 24 (Korea Bizwire) – Cash-strapped Hanjin Shipping Co. is seeking to close its European operations, raising speculation that the country’s No. 1 shipper is preparing for a liquidation process, industry sources said Monday. According to the sources, Hanjin Shipping, currently under court receivership, has asked a local court to allow it to sell [...]
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 [...]