Tag: Hanjin Shipping

HD Hyundai, has expressed interest in using part of the vast Subic Bay shipyard complex once operated by its compatriot Hanjin Heavy Industries.

DP World announced that it plans investing heavily in Kazakhstan’s port and logistics infrastructure as it looks to enhance the supply chain across central Asia and accelerate the Caspian Sea into a hub of global trade hub. Thus, the company signed two agreements with the Kazakhstan government.

State-run Korea Development Bank announced it will help Hanjin Heavy Industries & Construction, South Korea’s oldest shipbuilder, to stand on its feet, following the shipbuilder's move to file for rehabilitation. KDB reported on February 13, that  it would help Hanjin Heavy negotiate with a number of Filipino financial institutions who are owed vast sums of money by the Korean yard. 

The President of Philippines, Rodrigo Duterte, is open to a government takeover of the recently-bankrupted Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), according to Defense Secretary Delfin Lorenzana, driven mostly by concerns to save thousands of Filipino jobs.

Two Chinese shipbuilders have expressed their interest in buying the Hanjin Heavy Industries and Construction Phillipines shipyard, prompting concern from policy and defense analysts. HHIC Phil owes $900 million to South Korean lenders and $400 million to five Philippine banks, making it the largest corporate bankruptcy in the Philippines' history. 

Hanjin Heavy Industries & Construction (HHIC) announced on December 8, to the Korean Exchange that its affiliate yard in the Philippines has filed for a rehabilitation procedure. Its actual output dropped from 1,161,618 GT in 2016 to 418,444 GT during the Q3 of 2018 and the rate of operation also plunged from 77.4 percent to 27.9 percent over the same period.

The South Korean Ministry of Maritime Affairs and Fisheries informed on Tuesday, July 24, that it will allocate government stakes of 12.7% in its four port authorities - Busan, Ulsan, Incheon, and Yeosu Gwangyang, through the Korea Ocean Business Corporation. This investment amounts to $1.2 billion. 

After Hanjin Shipping bankrupted, Korea's shipping industry was very weak. In order to help the industry stand again on its feet, the Korea Ocean Business Corporation will be launched on July 5. The creation of the organization is under the plan of the country's President Moon Jae-in to revitalize Korea's shipping industry.

One worker died and four others are injured as a result of an accident at the Subic shipyard in the Philippines, on May 12. Namely, the four workers fell from a scaffolding and the department of labour and employment in central Luzon ordered a subcontractor of Hanjin Heavy Industries Corp to stop operations.

South Korean police are seeking an arrest warrant for the chairman of Hanjin Group, Cho Yang-ho, on charges of breach of trust. Mr. Cho is under investigation over suspicion that he used company funds for personal purposes, including renovation of his home.