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 [...]
Seoul, July 20 (Korea Bizwire) – CJ Korea Express has started commercial operations by way of a polar route. CJ Korea Express announced that their ship, the KOREX SPB No.2, departed the port of Musyapa, United Arab Emirates (UAE), and is on its way to the Yamal peninsula in Russia. The ship has a 4,000ton offshore terminal [...]
SEOUL, Korea, August 09 (Korea Bizwire) – Like on the road, sea routes are important as they ensure the safety of ships, avoiding the rocks and icebergs hidden below the surface and the ever-changing currents that can prove deadly. Recently, the Northern Sea Route passing through the Arctic is receiving a lot of attention. Last year 46 [...]