A Shudder Passes Through the Ocean Container Freight Community as Hanjin Shipping Fails
Wednesday, August 31, 2016SOUTH KOREA – One of the world’s largest container shipping lines, South Korea's Hanjin Shipping, has filed for court protection having failed in its attempts to secure support from its banks. Such drastic action from a major player in the ocean freight sector was bound to happen at some point, with overcapacity and falling rates continuing to plague the global industry, and as Hanjin struggled to pay back its debt of 6.1 trillion won (approximately $5.46 billion) according to the company’s figures by the end of June, Hanjin’s creditors could no longer find a viable reason to sustain the ailing company having already poured over 1 trillion won into the shipping line since 2013.
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