SEOUL, June 14 (Korea Bizwire) — South Korean shippers urged striking truckers Tuesday to end their protest and resume negotiations over the disputed freight rate system, stressing that smaller export and import traders could take the brunt of the prolonged cargo disruptions. An industry group representing some 70,000 shippers made the emphatic call as thousands [...]
SEOUL, Jan. 18 (Korea Bizwire) — South Korea’s antitrust regulator said Tuesday it has decided to impose a combined fine of 96.2 billion won (US$80.7 million) on 23 Korean and foreign shippers for their 15-year-long collusion to fix freight rates. Since 2018, the Fair Trade Commission (FTC) has been looking into allegations that the country’s [...]
SEOUL, Sept. 28 (Korea Bizwire) — South Korean shipping lines are expected to chalk up record earnings for the third quarter of the year thanks to surging freight rates, a market tracker said Tuesday. HMM Co., South Korea’s largest container shipper, is projected to post a consolidated operating income of 1.82 trillion won (US$1.54 billion) [...]
SEOUL, March 29 (Korea Bizwire) — Shares in South Korea’s shipbuilders and shippers have enjoyed decent increases in the past weeks, but this time, they are again on a rising track on expectations for a further climb in freight rates and demand for ships amid the unprecedented blockage at the Suez Canal. HMM Co., South [...]
SEOUL, Oct. 18 (Korea Bizwire) — South Korean shippers, led by industry leader HMM Co., are forecast to post strong earnings in the third quarter of the year on the back of increased fare and a drop in fuel costs, industry sources said Sunday. “A gradual recovery in global maritime cargo volume pushed up global [...]
SEOUL, Oct. 13 (Korea Bizwire) — South Korean shippers are considering joining hands to win massive liquefied natural gas (LNG) transportation orders to be placed by Qatar, industry sources said Sunday. Five bulkers — reportedly Korea Line Corp., Pan Ocean Co., SK Shipping Co., Hyundai LNG Shipping Co. and H-Line Shipping Co. — are set [...]
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 [...]