SEOUL, Sept. 23 (Korea Bizwire) – Cash-strapped Hanjin Shipping Co. said Friday that a German court has accepted its stay of proceedings, paving the way for its ships to unload or take on containers at ports in the European country. Vessels operated by Hanjin Shipping, South Korea’s No. 1 shipper, have been stranded at sea [...]
SEOUL, Sept. 22 (Korea Bizwire) – The state-run Korea Development Bank, the main creditor of the cash-strapped Hanjin Shipping Co., is considering loaning some 50 billion won (US$45.4 million) to help the ailing shipper unload its cargo, industry sources said Thursday. According to the sources, the KDB will finalize the loan extension this week to [...]
BUSAN, Sept. 9 (Korea Bizwire) – The Korean economy is already hurting as Hanjin Shipping, the world’s seventh largest container carrier, undergoes court receivership. With more than half of Hanjin’s fleet stranded at sea (as of September 8), blocked from entering ports in multiple countries, four of its vessels seized by local creditors, and no [...]
SEOUL, Sept. 8 (Korea Bizwire) – Creditors of cash-strapped Hanjin Shipping Co. are unlikely to provide fresh financial aid to the ailing shipper currently under court receivership, industry sources said Thursday, further worsening the outlook for its already crippled cargo shipment. According to the sources, the state-run Korea Development Bank, the main creditor for Hanjin, [...]
SEOUL, Sept. 6 (Korea Bizwire) – Hanjin Group, the parent for the cash-strapped shipper Hanjin Shipping Co., on Tuesday said it plans to provide some 100 billion won (US$91 million), including 40 billion won of group Chairman Cho Yang-ho’s private assets, to its ailing shipping affiliate to ease the deepening shipping chaos triggered by the [...]
SEOUL, Sept. 5 (Korea Bizwire) – South Korea said Monday it will extend financial support for the contractors of Hanjin Shipping, the nation’s largest container shipping line under court receivership. The government plans to use funds from the newly-allocated supplementary budgets to help those firms, especially small and medium-sized ones with relatively good financial health [...]
SEOUL, Aug. 31 (Korea Bizwire) – Slightly over 8 percent of South Korea’s major listed companies suffered a double whammy of operating and net losses in 2015 amid an economic slump, data showed Wednesday, sparking concern over their financial health. According to the data by the Korea 20000 Corporate Research Institute, 23 of the 273 [...]
SEOUL, Aug. 18 (Korea Bizwire) – Owners of several large companies in South Korea received handsome compensation in the first half of the year despite corporate troubles, data showed Thursday, sparking criticism over their high pay. According to the data compiled by market researcher Chaebul.com, 237 executives of local companies received 500 million won (US$452,000) [...]
SEOUL, May 13 (Korea Bizwire) – Cash-strapped Hanjin Shipping Co., South Korea’s largest shipper, has joined a new alliance led by a German company amid its creditor-led debt restructuring, the company said Friday, but its local rival Hyundai Merchant Marine Co. was excluded from the group. The shippers have been suffering from ballooning debts and [...]
SEOUL, Korea, Feb 10 (Korea Bizwire) – As more and more people purchase goods online overseas, a new type of service offering shipping to these customers has become one of the hottest businesses. These companies locate distribution centers overseas and deliver goods through these centers for a fee. For example, Malltail, Korea’s largest delivery agent, boasts its [...]