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Tag Archives: . Hanjin Shipping

Hyundai Merchant Marine Getting Back on Track

  South Korea’s Hyundai Merchant Marine is expected to turnaround its finances during the second half of next year, said the company’s Chief Executive Yoo Chang-keun on Tuesday. “Our business is quickly getting back on track helped by improving business and financial conditions,” he said. On Monday, the company reported that its operating loss narrowed to $117 million in the ...

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Yang Ming Announces State-Led Recapitalization Plan

On Monday, the indebted Taiwanese container carrier Yang Ming told investors that the Taiwanese government is planning to substantially increase its 33 percent ownership stake, and that the line expects significant state support for a recapitalization plan. “The first stage of this injection of capital will be from various government and private entities, including banks and financial institutions,” the firm ...

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Shipping alliance reshuffle to hit Busan Port: report

The upcoming reorganization of global shipping alliances, as well as Hanjin Shipping‘s fall, is likely to hit Korea’s largest port in Busan, a report showed. According to the Korea Maritime Institute’s report, the harbor volume of Busan Port is expected to drop by 3.5 percent from next year. Busan Port managed containers of more than 10 million twenty-foot equivalent units ...

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Community Delivers Holiday Cheer to Hanjin Scarlet

Local mariners and Filipino community leaders in Victoria, B.C. have been working to make Christmas a bit merrier for the stranded crew of the Hanjin Scarlet, which is at anchor and awaiting orders in the Southern Gulf Islands. The vessel has been idle since Hanjin Shipping collapsed at the end of August, and the crewmembers still do not know when ...

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‘Long Beach Container Terminal May be Sold Not at Home but Abroad’

Creditors in the United States gave Hanjin Shipping an ultimatum with regard to the sale of its Long Beach Container Terminal and Chapter 11. Chapter 11 is likely to be initiated if no final negotiator is determined by December 15 among Korea Line Corporation, Hyundai Merchant Marine and Hahn & Company. Then, the exercise of the rights of the largest ...

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Hanjin Lost “Game of Chicken”

  The collapsed Hanjin Shipping could not compete against global rivals that were supported by their governments, the chairman of its parent firm told a parliamentary hearing on Tuesday.The world’s seventh-largest container shipper sought court receivership in late August after its creditors led by a South Korean state bank halted further support, stranding $14 billion in cargo and sending waves ...

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[Updated] Hyundai Merchant Marine to Buy Hanjin’s Assets Hanjin

    South Korea’s Hanjin Shipping has formally filed for court receivership on Wednesday, news service MoneyToday reported. A Hanjin Shipping spokeswoman declined to comment on the report. The firm said earlier it would file for court receivership after its creditor banks decided on Tuesday to end financial support to the container shipping company. Hanjin Shipping said  a rival operator ...

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Hanjin Sells Stake in Terminal in Vietnam

Hanjin Shipping has sold its 20 percent stake in a terminal at Cai Mep, Vietnam to another subsidiary of Hanjin Group for $20 million. The container facility at Cai Mep, a large port complex in southern Vietnam, is a joint venture with Wan Hai and Mitsui OSK. As shipping rates have fallen and vessel charter rates have stayed the same, ...

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Port of Antwerp Meets with Iran

A delegation of petrochemical and shipping experts from Belgium’s Port of Antwerp visited Iran last week to re-establish shipping and commercial ties. Antwerp is the latest company to explore establishing ties with Iran in anticipation of the lifting of U.S. and E.U. sanctions. The exploratory meetings were aimed at making official contacts with Iran’s various bodies. The meetings included officials ...

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