Search results for: Hanjin

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  • 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 […]

  • 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 […]

  • 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 […]

  • 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 […]

  • 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 […]

  • 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, […]

  • 1 September 2016
    Business & Finance

    South Korean shipping company Hyundai Merchant Marine will deploy more than 13 vessels on Hanjin Shipping’s two routes to minimize the effects of the company’s filing for court receivership, according to Korean Financial Services Commission (FSC). Namely, HMM will add Hanjin’s America and Europe loops to its sea routes in an effort to minimize disorder in cargo delivery and […]

  • 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 […]

  • 9 May 2012
    Business & Finance

    During her maiden voyage the HANJIN SOOHO, the Korean shipping company HANJIN’s largest containership to date, berthed in the Port of Hamburg on 4 May 2012. With a slot capacity of 13,100 TEU (20-ft standard containers), this mega-containership was handled at Eurogate Container Terminal Hamburg (CTH). The HANJIN SOOHO is 366 metres long, 48.20 metres […]

  • 3 May 2016
    Business & Finance

    Financially-troubled South Korean shipping company Hanjin Shipping is likely to receive approval for its corporate rehabilitation program from its lenders, according to the Korea Herald. Seven lenders, led by state-run Korea Development Bank, are expected to grant approval for the company’s restructuring plan on Wednesday, after Hanjin submitted a formal request to restructure its debt on April 29, […]

  • 11 January 2017
    Business & Finance

    South Korean shipping giant Hyundai Merchant Marine (HMM) has decided to employ a total of 220 employees from its bankrupt compatriot Hanjin Shipping starting from next month. The company said that it will initially employ 131 of Hanjin’s workforce including onshore, offshore, overseas staffs and ship managers as well as recruit 41 more ex-Hanjin employees including […]

  • 7 December 2016
    Business & Finance

    The main container carriers’ average operating margins remained in negative territory with minus 7.8% in the third quarter of 2016, marking the fifth successive quarter of operating losses, according to Alphaliner. Out of the 12 main carriers surveyed by Alphaliner, only the German carrier Hapag-Lloyd and Taiwan’s shipping company Wan Hai posted positive margins, while […]

  • 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 […]

  • 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 […]

  • 5 September 2016
    Business & Finance

    In the wake of the Hanjin Shipping’s decision to commence rehabilitation procedure in Korea, the Danish shipping company Maersk Line said that the company expects the move to have a minimal impact on customers’ cargo. “We are aware of our customers who have cargo on board two of Hanjin’s operated vessels, Maersk Sebarok and Maersk Senang, sailing on 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 […]

  • 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 […]

  • 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 […]

  • 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 […]

  • 8 February 2017
    Business & Finance

    The state-run Korea Development Bank (KDB), the main creditor of the former South Korean shipping giant Hanjin Shipping, has launched sales proceedings for ten Hanjin ships, Yonhap News Agency cited industry sources. The bank has reportedly asked the potential buyers of the ships, which include two container vessels and eight bulk carriers, to submit their bids […]

  • 16 November 2016
    Business & Finance

    Financially troubled South Korean shipping company Hanjin Shipping has sold two container ships for demolition, VesselsValue data shows. The vessels in question are the 5,302 TEU Post-Panamax boxship Hanjin Paris and the 4,024 TEU Panamax vessel Hanjin Los Angeles. The 62,800 dwt (deadweight ton) Hanjin Los Angeles and the 67,300 dwt Hanjin Paris were sold for USD 294/LTD […]

  • 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 […]