SEOUL, Aug. 31 (Korea Bizwire) — In order to rid the shipping and logistics industry of power imbalances that result in unfair business practices, a new center where people can call in to report such practices is being proposed by the government. The government will follow up on the reports through investigations and other measures [...]
SEOUL, Apr. 20 (Korea Bizwire) – The Export-Import Bank of Korea (Korea Eximbank) on Friday promised 800 billion won (US$753.29 million) in loans and guarantees to the local shipping industry this year as the government acts on a five-year restructuring plan. Eun Sang-soo, chairman of the state-run lender, met with the heads of shipping companies [...]
BUSAN, Jan. 4 (Korea Bizwire) – The South Korean shipping industry will have to spend a minimum of five trillion won to return its shipping container capacity to normal levels, a report has claimed. According to the report released by the Korea Maritime Institute on Wednesday, Hyundai Merchant Marine, which is the largest shipbuilding company [...]
SEOUL, Aug. 11 (Korea Bizwire) – Hyundai Merchant Marine Co., South Korea’s top shipping firm, said Friday that it continued to suffer an operating loss in the second quarter of the year due to still lower freight rates. Its operating loss reached 128 billion won (US$112 million) in the April-June period, the company said in a [...]
SEOUL, Nov. 27 (Korea Bizwire) – Korea’s transportation industry has shrunk for the first time in four years. As the shipping industry suffers from a severe slump, the cargo volume across the sea plummeted, which led to the downturn of the transportation industry as a whole in South Korea. The total sales of marine transportation [...]