Hanjin Shipping to get more funds to resolve cargo crisis

Sep 22, 2016

Hanjin Shipping to get more funds to resolve cargo crisis

Hanjin Shipping is to receive as much as $100 million in additional funds to resolve the cargo crisis caused by its slide toward bankruptcy. Hanjin’s lead creditor, Korea Development Bank, said Thursday it will offer a credit line of 50 billion won ($45 million) ...

Drowning Hanjin may not be alone among global shippers

Sep 4, 2016

Drowning Hanjin may not be alone among global shippers

The problems that sank South Korea’s Hanjin Shipping last week could be just the tip of the iceberg, with the long global downturn leaving the industry burdened by excess capacity. With growth refusing to budge and consumer demand still slack, the world’s freight carriers ...

Jun 13, 2016

Park urges 'bone-crushing' reform of South Korean shipbuilding industry

South Korean President Park Geun-Hye on Monday urged “bone-crushing” efforts to overhaul the nation’s ailing shipbuilders faced with mounting losses caused by slowing global demand and increased competition. The South’s mighty shipbuilders including Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering have dominated ...

Jan 29, 2016

Mitsui O.S.K. expects to sink into red ink for business 2015

Shipping giant Mitsui O.S.K. Lines Ltd. said Friday it will fall into the red in the business year ending in March after incurring huge restructuring costs amid deteriorating profitability on sluggish demand linked to China’s economic slowdown. The company is forecasting a consolidated net ...

COSCO announces Arctic shipping route to Europe

Oct 27, 2015

COSCO announces Arctic shipping route to Europe

China’s biggest shipping company intends to launch regular services through the Arctic Ocean to Europe, a spokeswoman said Tuesday, as global warming makes the route viable and Beijing steps up its northerly economic ambitions. State-owned industry giant COSCO has only twice sent a vessel ...