BUSAN, Oct. 11 (Korea Bizwire) – The Port of Busan is facing more strife with a recent walkout by cargo truck drivers, making matters worse for the port already troubled by the Hanjin shipping crisis. The Cargo Truckers Solidarity (CTS) kicked off a general strike on Monday, with workers opposing government plans to increase the [...]
SEJONG, Sept. 26 (Korea Bizwire) – The Korean government decided Sunday to reinforce its supply of support packages (food and daily necessities) to Hanjin Shipping employees still stranded at sea following the bankruptcy of the shipping giant. As of Sunday, there were 59 Hanjin-owned vessels at sea, with 518 Korean and 720 overseas employees on [...]
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. 13 (Korea Bizwire) – The chief of Hanjin Group, the parent for ailing shipper Hanjin Shipping Co., has borrowed 40 billion won (US$36 million) from banks in order to help the group’s cash-strapped shipping line, sources said Tuesday. Cho Yang-ho, chairman of the logistics conglomerate, has pledged to provide some of his private [...]
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. 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. 30 (Korea Bizwire) – Creditors of Hanjin Shipping Co. on Tuesday decided not to extend additional support to the cash-strapped shipper, creditor sources said, triggering speculation about its possible court receivership. A creditor-led restructuring scheme for the largest South Korean shipper is set to end Sept. 4, which means the Hanjin Group company [...]
SEOUL, June 15 (Korea Bizwire) – Fast Retailing Co., a public Japanese retail holding company that operates UNIQLO, plans to establish a “next-day delivery service” where products ordered through its online store are delivered the next day. Industry experts say that the Japanese company is taking countermeasures against Amazon, which provides same-day or next-day delivery services, [...]
SEOUL, Oct. 1 (Korea Bizwire) – The after effects of Daewoo Shipbuilding & Marine Engineering Co.’s financial troubles are continuing. After a three trillion won loss in the second quarter was reflected in the company’s books, its shares plummeted. But as DSME’s third quarter performance is also expected to be troubling, financial analysts are lowering [...]