Hanjin Shipping Gets Cash Injection from Parent’s Chairman
- Business & Finance
South Korean container carrier Hanjin Shipping received a cash injection from the head of its parent company, Hanjin Group, as well as from its former chief, according to Yonhap News Agency.
Namely, the ailing shipping firm reportedly received some KRW 40 billion (USD 35.5 million) from Cho Yang-ho, while the shipper’s former chief Choi Eun-young contributed around KRW 10 billion in personal assets.
Cho Yang-ho’s cash injection is part of the company’s earlier revealed plan to raise KRW 100 billion to fund the unloading of cargo which was stranded on Hanjin’s vessels after the company filed for court receivership in late August.
Hanjin Group said that it would raise some KRW 60 billion, while its chairman would provide the remaining amount from private funds.
The move was made after a number of port refused to service Hanjin Shipping’s vessels, leaving the ships, and their cargo, stranded outside of ports.
World Maritime News Staff