Search results for: Hanjin Shipping

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  • 7 December 2016
    Business & Finance

    Three containerships of the bankrupt Korean shipping firm Hanjin Shipping were sold at an auction in Rotterdam for a total of USD 392 million, according to Dutch media. The vessels in question are the 13,000 TEU Hanjin Europe, Hanjin Africa and Hanjin Harmony, built in 2012 and 2013, respectively. Featuring 141,000 dwt, the boxships, which […]

  • 22 April 2016
    Business & Finance

    South Korean shipping company Hanjin Shipping has revealed its plans to turn to creditor-led debt restructuring in an effort to improve its financial situation, the company said in a stock exchange filing. Having been faced with an outstanding debt of USD 406 million due in the first half of this year, the company is now aiming to improve the financial […]

  • 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 […]

  • 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 […]

  • 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 […]

  • 31 August 2016
    Business & Finance

    The financially troubled Hanjin Shipping has succumbed to the prolonged depression in the shipping market as the South Korean carrier decided to file for court receivership. Following the company’s move, Korean Financial Services Commission (FSC) said that the government “will promote sales of Hanjin Shipping’s core assets to Hyundai Merchant Marine in a bid to maintain competitiveness of […]

  • 5 September 2016
    Business & Finance

    The impending bankruptcy of Korea’s container carrier Hanjin Shipping should serve as a warning that carriers do have breaking points and that they will not always be rescued, shipping consultancy Drewry said. In 2009 when the container industry posted operating losses of nearly USD 20 billion and many lines were said to be minutes from bankruptcy, […]

  • 22 September 2016
    Business & Finance

    The Port of Oakland has started receiving empty containers owned by South Korea’s Hanjin Shipping to avert a potential supply chain meltdown resulting from the ocean carrier’s bankruptcy, the port said in a statement. The announcement means cargo owners and truckers won’t have to find storage space for the unwanted boxes after they are emptied. It also means empties […]

  • 30 August 2016
    Business & Finance

    The ailing South Korean container carrier Hanjin Shipping has taken a step toward bankruptcy as its creditors said they would not provide additional financial support to the company. The creditors, led by state-run Korea Development Bank (KDB), said they would halt financial support for the company as of September 4, Reuters cited KDB. Namely, Hanjin Shipping’s self-rescue plan fell […]

  • 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 […]

  • 6 March 2017
    Business & Finance

    South Korea’s former shipping giant Hanjin Shipping is scheduled to be delisted from the local bourse on March 7, Yonhap News Agency said citing industry sources. After entering the market in late December 2009, the company reached a record high of KRW 38,694 per share in January 2011. Although its net profit in 2010 stood at KRW […]

  • 2 September 2016
    Business & Finance

    After the South Korean shipping giant Hanjin Shipping, a member of the CKYHE Alliance, decided to file for court receivership, the remaining four members of the alliance have decided to cut all ties with the company. Namely, Shanghai-based shipping company Cosco Container Lines, Japan’s Kawasaki Kisen Kaisha, Taiwanese Yang Ming and Evergreen Line said that their cargo will not be […]

  • 16 March 2017
    Business & Finance

    Five bulk carriers, owned by the former South Korean shipping giant Hanjin Shipping, have been sold to multiple shipowners for a total of around USD 125 million, according to data provided by VesselsValue. Namely, Hanjin’s Panamax bulk carrier duo, Hanjin Port Kamsar and Hanjin Hadong, were purchased by South Korean shipping firm Pan Ocean. Featuring […]

  • 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 […]

  • 24 October 2016
    Business & Finance

    Some two months after filing for court receivership, the financially troubled Hanjin Shipping is looking to close its European operations, the company said in a stock exchange filing. South Korea’s former shipping giant has received permission from the Seoul District Court to shut down four of its European units, namely, Hanjin Shipping Europe GmbH & […]

  • 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 […]

  • 26 September 2016
    Business & Finance

    The Hanjin Marine is the first Hanjin ship to call at one of the Northwest Seaport Alliance’s (NWSA) terminals, after the South Korean shipping company filed for receivership in late August. The Hanjin Marine was expected to call at Terminal 18 in Seattle on August 25. The vessel was scheduled to call Terminal 46, however, this […]

  • 8 March 2017
    Business & Finance

    The former South Korean shipping giant, the name Hanjin will disappear from the annals of container shipping as the last Hanjin ship, the 5,302 TEU Hanjin Rome, was sold on March 1, according to Alphaliner. The containership had been under arrest since August 29. Following the sale by the Singapore Supreme Court, Hanjin Rome departed Singapore […]

  • 15 September 2016
    Business & Finance

    South Korean Hanjin Shipping has received a deadline extension from Seoul Central District Court to submit its rehabilitation plan, the company said in a stock exchange filing. The court moved the date of the first meeting to discuss the future of Hanjin Shipping to December 9, almost a month after the initial date of November 11. After the first meeting, the company is expected […]

  • 17 February 2017
    Business & Finance

      The former South Korean shipping giant Hanjin Shipping was officially declared bankrupt by the Seoul Central District Court on February 17, less than six months after it first filed for court receivership. With this move, made after a two-week period for appeal expired, the company, established in 1977, has ended its 40-year business. A […]

  • 15 September 2016
    Business & Finance

    Three bulk carriers chartered to the South Korean shipping company Hanjin Shipping have been sold following the company’s filing for court receivership amid a persistent downturn in the shipping industry. Namely, the vessels in question are the 2011-built Hanjin Matsuyama, and two 2012-built bulkers Hanjin Isabel and Hanjin Liverpool, according to data provided by VesselsValue. The 179,200 dwt […]

  • 14 June 2016
    Business & Finance

    Financially-troubled South Korean shipping major Hanjin Shipping failed to receive any positive response in its first round of talks with 22 shipowners in an effort to cut charter rates, according to Yonhap news agency. One of the company’s creditors reportedly said that Hanjin Shipping is expected to make some progress on the charter rates deal by early […]