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 [...]
SEOUL, Jan. 3 (Korea Bizwire) – Hyundai Merchant Marine Co., a major South Korean shipping line, said Tuesday that it has agreed to forge an alliance with two local rivals, a move apparently aimed at overcoming the downturn swarming the entire industry. Under the strategic alliance, the three firms will create a joint consortium, named [...]
SEOUL, Jan. 3 (Korea Bizwire) – International air cargo shipped to and from South Korea via its Incheon International Airport climbed to a new annual high in 2016, despite a significant drop in the country’s overall imports and exports, the government said Tuesday. The amount of international cargo processed at the Incheon airport, the main [...]
BUSAN, Dec. 23 (Korea Bizwire) – A recent analysis has forecasted that the reshuffling of global container shipping alliances planned for April 2017 will lead to an additional drop in the volume of transshipment cargo at the Port of Busan – Korea’s largest port – adding to its troubles stemming from the Hanjin Shipping crisis. [...]
SEOUL, Dec. 19 (Korea Bizwire) – Hyundai Merchant Marine Co., a major shipping line here, expects its profitability to improve slightly in the first quarter of next year on the back of an improvement in freight rates and its cost-cutting measures, its chief said Monday. “I can’t say when we will swing to the black, [...]
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. 12 (Korea Bizwire) – Stocks of Hyundai Merchant Marine Co. traded higher on the Seoul bourse Monday, rebounding from the previous session’s 6 percent drop, after it agreed to a “limited partnership” with the world’s largest shipping alliance. Hyundai Merchant changed hands at 7,060 won as of 10:30 a.m., up 2.17 percent from [...]
SEOUL, Dec. 7 (Korea Bizwire) – Hyundai Merchant Marine Co., a major shipping line here, has started its final talks to join a global shipping alliance to survive the cutthroat competition in the global shipping sector. According to the sources, the shipper’s negotiation team began the talks in Copenhagen with 2M Alliance, the world’s largest [...]
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 [...]