SEOUL, May 31 (Korea Bizwire) – President Moon Jae-in on Wednesday vowed to build a stronger maritime nation by bolstering its economic and military powers at sea. As part of the efforts, he promised to establish a public corporation to provide financial assistance to the nation’s ailing shipping and shipbuilding industries, and revive their global [...]
BUSAN, May 24 (Korea Bizwire) – The Port of Busan, South Korea’s largest port, was marginally outstripped last year by the Port of Hong Kong, conceding the title of the fifth-busiest container port in the world, namely on account of the Hanjin Shipping crisis. The South Korean port ranked sixth globally in 2016, processing 19.43 [...]
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) [...]
SEOUL, March 20 (Korea Bizwire) – SM Group will acquire more companies, including overseas shippers, to beef up its status in the sector, its chief said Monday. The midsized South Korean shipping group has been taking over a series of financially troubled companies over the past few years, to emerge as a major player in [...]
SEOUL, March 16 (Korea Bizwire) – Hyundai Merchant Marine Co., a major shipping line in South Korea, said Thursday that it has signed a deal for strategic cooperation with a global shipping alliance, paving the way for the company to better compete with rivals. In December last year, Hyundai Merchant agreed with Maersk Line, Mediterranean [...]
SEOUL, March 9 (Korea Bizwire) – SM Group, a medium-sized shipping group in South Korea, is set to be picked as the preferred bidder for STX Corp. this week, industry sources said Thursday. According to the sources, SM Group and three others made offers earlier this week to buy the cash-strapped STX, an affiliate of [...]
SEOUL, Feb. 24 (Korea Bizwire) – Hyundai Merchant Marine Co., South Korea’s top shipping firm, said Friday that its shareholders approved a proposal to raise the number of stocks and bonds to be sold, paving the way to get fresh funding from a state-backed firm. Earlier, Korea Shipping Co. said it would buy stocks and [...]
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. 9 (Korea Bizwire) – Hyundai Merchant Marine Co., a major shipping line here, said Thursday that its loss sharply narrowed last year from a year earlier largely due to gains from asset sales. Net loss came to 4.4 billion won (US$3.84 million) last year, compared with a loss of 627 billion won a [...]
SEJONG, Jan. 25 (Korea Bizwire) – South Korea will accelerate its corporate restructuring drive in shaky industries like shipbuilding and steelmaking in 2017 in a bid to gain a foothold for the future industrial revolution, the government said Wednesday. At a ministerial-level meeting in Seoul chaired by Finance Minister Yoo Il-ho, the government reviewed action [...]