Hard road ahead for Hanjin

2016 has been a year of struggle for Hanjin Shipping. The South Korean liner operator applied for court protection on 31 August after losing the support of local banks that were dissatisfied with its liquidity plan. With more than USD5 billion of debt, the liner operator's receivership has had widespread ramifications - for its shippers, tonnage providers and container carrier rivals. Keep track of the latest developments with Fairplay's dedicated Hanjin topic page.

News & Analysis

Yoo Chang-keun
24 Oct 2018
The Korea Development Bank will subscribe to USD878 million worth of bonds issued by Hyundai Merchant Marine as the South Korean liner operator seeks to bolster its cash holdings.
18 Oct 2018
With the collapse of Hanjin Shipping still a recent memory, South Korea’s ambitious plan to salvage its shipping and shipbuilding industries is starting to bear fruit.
HMM CEO Yoo Chang-keun (left) and DSME CEO Jung Sung-leep (right)
24 Aug 2018
HMM is on track to receive financial aid from KDB and KOBC for newbuildings, but local media reports say the handout may fall short.
Busan New Port
27 Feb 2018
With Hanjin shipping declared bankrupt, KOPLA plans to designate TOCs to prevent the same disaster from recurring.
judge's gavel
08 Dec 2017
Choi Eun-young was found guilty of selling off her shares in Hanjin Shipping shortly before the liner operator agreed to come under the control of its main creditor Korea Development Bank in April 2016.
Fishermen in South Korea with a port in the background.
10 Oct 2017
With several shipping companies and shipbuilders in financial crisis, Seoul is stepping in to try to prevent any major repercussions on a national level.

Commentary

Concerns about Hanjin Shipping were flagged up long before the South Korean line filed for bankruptcy. The reason why BCOs were wrong-footed and why it took so long for Hanjin Shipping to collapse lies in its 4,000 creditors, a number that shows just how interwoven the threads of the shipping industry have become.

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