Search results for: Hanjin Group

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  • 6 September 2016
    Business & Finance

    South Korea’s conglomerate Hanjin Group, the parent company of the ailing container carrier Hanjin Shipping, is looking to raise KRW 100 billion (USD 90.4 million) which would be used to fund the unloading of cargo stranded on vessels following the company’s decision to file for court receivership, according to Reuters. Hanjin Group is planning to raise […]

  • 17 October 2017
    Business & Finance

    South Korean police are seeking an arrest warrant for the Chairman of Hanjin Group, Cho Yang-ho, Reuters reports citing police officials. Hanjin Group is a holding company comprising the defunct shipping company, Hanjin Shipping, and Korean Air airline. The arrest is being sought on the grounds of an alleged breach of trust. Namely, an investigation […]

  • 22 June 2015
    Business & Finance

    The headquarters of South Korean conglomerate Hanjin Group and its affiliates have been raided earlier today by the Seoul prosecutors amid corruption allegations. The Hanjin Group is a holding company that includes a shipping company, Hanjin Shipping, and Korean Air. Investigators and prosecutors of the Seoul Central Prosecutors’ Office seized documents and computer discs from Korean […]

  • 11 September 2016
    Business & Finance

    Hanjin Group to Rack Up Funds for Hanjin’s Cargo Unloading South Korea’s conglomerate Hanjin Group is looking to raise KRW 100 billion which would be used to fund the unloading of cargo stranded on vessels following Hanjin Shipping’s decision to file for court receivership… Read More Drewry: Hanjin’s Move Displays Container Carriers’ Breaking Points The […]

  • 18 October 2017
    Business & Finance

    The Seoul District Prosecutor’s Office rejected the request for the arrest of the Chairman of Hanjin Group, Cho Yang-ho, Yonhap news agency reports. The arrest was being sought on the grounds of an alleged breach of trust and misappropriation of funds from Korea Air Lines, part of Hanjin Group. Specifically, Cho is suspected of using around […]

  • 14 September 2016
    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 […]

  • 23 September 2016
    Business & Finance

    Cash held by Hanjin Shipping, coupled with commitments from the company’s leading shareholder, the leading creditor, and the parent group’s CEO, should be enough to cover the costs of unloading cargo from the company’s container ships stranded offshore, Reuters reported a South Korean government official as saying. The vessels have been stranded ever since the South […]

  • 28 November 2013

    South Korea’s Hanjin Heavy Industries, an affiliate of the Hanjin Group founded in 1937, has sealed two major new contracts worth around $211 million. The shipbuilder announced yesterday, in its regulatory filing, an order from STX Pan Ocean for the construction of two Capesize bulk carriers. According to the filing, delivery of the vessels is scheduled for December 2016. […]

  • 18 September 2016
    Business & Finance

    BIMCO: Lowest Level of Newbuilding Contracts in 20 Years Shipyards become the next victim of the deteriorating conditions in the dry bulk, container and offshore markets as 2016 looks to set the record for the lowest newbuilding contracts in more than 20 years… Read More Hanjin Shipping Gets Cash Injection from Parent’s Chairman South Korean […]

  • 8 September 2016
    Business & Finance

    The poor handling of Hanjin Shipping’s collapse has done irreparable damage to the Korean carrier’s reputation, and it is improbable that Hanjin Shipping can be revived as it was despite the Seoul district court’s approval for rehabilitation granted on September 1, according to Alphaliner. A merger with Hyundai Merchant Marine (HMM), or any potential ‘white knight’, can also be […]

  • 23 September 2016
    Business & Finance

    South Korea’s financially troubled ocean carrier Hanjin Shipping has been cleared to unload and load containers at German ports after a German court accepted the company’s request for stay of proceedings, Yonhap News Agency reports. Apart from Germany, Hanjin has had its stay of proceedings requests accepted in Japan, the UK, and the USA, with […]

  • 18 September 2016
    Business & Finance

    The disruption to cargo services made by South Korea-based Hanjin Shipping has pushed up spot freight rates temporarily creating better conditions for other container shipping companies which stepped in to plug the gap, according to Moody’s rating agency. “Hanjin’s woes are occurring at a time traditionally considered the busiest time of the year for the industry. Among those who […]

  • 27 June 2015
    Business & Finance

    Hanjin Shipping’s HQ Raided The headquarters of South Korean conglomerate Hanjin Group and its affiliates have been raided earlier today by the Seoul prosecutors amid corruption allegations…. Read more Richard Branson Orders Three Cruise Ships, Homeports One in Miami Richard Branson’s Virgin Cruises has signed a binding letter of intent with Italian shipbuilding company Fincantieri […]

  • 27 June 2015
    Business & Finance

    Hanjin Shipping’s HQ Raided The headquarters of South Korean conglomerate Hanjin Group and its affiliates have been raided earlier today by the Seoul prosecutors amid corruption allegations…. Read more Richard Branson Orders Three Cruise Ships, Homeports One in Miami Richard Branson’s Virgin Cruises has signed a binding letter of intent with Italian shipbuilding company Fincantieri […]

  • 7 December 2016
    Business & Finance

    South Korean shipping company Korea Line Corp., part of SM Group, has decided to withdraw from the race for Hanjin Shipping’s stake in US Port of Long Beach container terminal, the firm revealed in its stock exchange filing. The company withdrew its bid after local media reported it may propose a joint acquisition of the stake […]

  • 26 September 2016
    Business & Finance

    Following the bankruptcy of South Korea’s container carrier Hanjin Shipping, the proposed carrier grouping THE Alliance is left at a size disadvantage to both its future rivals, according to shipping consultancy Drewry. Even before Hanjin Shipping filed for bankruptcy protection the industry was preparing itself for big changes to the make-up of the major shipping […]

  • 26 October 2016
    Business & Finance

    Charter owners, terminal operators and container lessors have been identified as the largest among Hanjin Shipping’s claim creditors, according to Alphaliner. Non-operating containership owner Seaspan tops the list of individual creditors with outstanding claims of KRW 46 billion (USD 41.6 million). Together with other containership owners identified by Alphaliner, total claims for unpaid charter hire and […]

  • 25 October 2016
    Business & Finance

    Singapore-based Samudera Shipping Line has recorded a drop of 17.2% in revenue from the container shipping business in the aftermath of Hanjin Shipping’s filing for court receivership in late August. On the back of prevailing pressure on freight rates and a 2.1% decrease in volume handled to 273,000 TEUs, largely due to the loss of volume after […]

  • 14 October 2016
    Business & Finance

    South Korea’s container carrier Hanjin Shipping could sell its entire Asia to US route network, as well as some of its other major businesses, according to Reuters. Assets which are currently on sale include the company’s operations on the routes, such as manpower systems, five container ships, and ten overseas businesses, a spokesman for the Seoul Central District Court […]

  • 2 October 2016
    Business & Finance

    Drewry: Hanjin’s Misfortune Leaves Gap at THE Alliance Following the bankruptcy of South Korea’s container carrier Hanjin Shipping, the proposed carrier grouping THE Alliance is left at a size disadvantage to both its future rivals… Read More Hanjin Marine Arrives at NWSA Terminal The Hanjin Marine is the first Hanjin ship to call at one […]

  • 1 December 2016
    Business & Finance

    Swiss-based container shipping major, Mediterranean Shipping Company (MSC), and South Korea’s carrier, Hyundai Merchant Marine (HMM), have jointly placed a bid to acquire a stake in a container terminal at California’s Port of Long Beach currently controlled by ailing Hanjin Shipping, Yonhap News Agency reported industrial sources as saying. Hanjin’s 54% stake in terminal operator Total Terminals […]

  • 15 October 2015
    Business & Finance

    The two largest South Korean carriers, Hanjin Shipping and Hyundai Merchant Marine (HMM) are raising their exposure to the container shipping market with recent moves to divest their respective non-liner shipping assets, but these efforts come at a time of severe competition in the container market, according to Alphaliner. Currently, neither of the two Korean […]