SMART4SEA Conference & Awards

31 Jan 2017
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SMART4SEA Conference & Awards

31 Jan 2017
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Tag: shipping economy

S.Korea court declares Hanjin Shipping bankrupt

hanjin

On February 17, the Seoul Central District Court officially declared the bankruptcy of Hanjin Shipping Co Ltd which had been the world's seventh-largest container shipper. Earlier this month, the South Korean Court decided in favor of a bankruptcy following estimation that the company's liquidation value would be worth more than its value.

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Hanjin’s ships are stranded around the globe

hanjin

Hanjin Shipping Co, the world’s seventh-biggest container shipper, operating some 70 liner and tramper services and transporting more than 100 million tons of cargo annually, is currently in the wake of the collapse, which will probably spark fresh consolidation among container lines as they attempt to ride out the shock waves buffeting the industry.

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