BUSAN, Nov. 24 (Korea Bizwire) – The date when new environmental regulations mandated by the International Maritime Organization take effect is rapidly approaching. Starting January 1, 2020, all ships must use fuel with a maximum sulphur content of 0.5 percent, a 3-percent cut from the current cap of 3.5 percent. The IMO also made it [...]
SEOUL, Nov. 22 (Korea Bizwire) – Hanjin Shipping Co. said Tuesday it has decided to sell parts of its container shipping businesses, including the U.S.-Asia route and related assets, to Korea Line Corp. for 37 billion won (US$31.4 million) as it struggles to secure much needed cash. In a regulatory filing, Hanjin, once the country’s [...]
SEOUL, Oct. 24 (Korea Bizwire) – Cash-strapped Hanjin Shipping Co. is seeking to close its European operations, raising speculation that the country’s No. 1 shipper is preparing for a liquidation process, industry sources said Monday. According to the sources, Hanjin Shipping, currently under court receivership, has asked a local court to allow it to sell [...]
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 [...]