36:
356:
27:
1049:
408:
1057:
1208:
279:, global container shipping rates were rising. Hanjin placed orders for 250,000 TEU of new ships from 2008 onwards. However, less than two months after placing the new ship orders, the 2008 Global Recession started. Hanjin reduced its ship orders, but still had seven ships delivered in the period 2010–2013 which doubled company debt to $ 8Bn.
297:
at the Seoul
Central District Court and requested the court to freeze its assets, after losing support from its banks the previous day. After Hanjin's receivership was publicized, creditors confiscated assets and Hanjin vessels experienced access issues in ports globally because service providers
282:
In June 2014, in order to bring additional liquidity to the business, KAL acquired 33.2 percent of Hanjin
Shipping. By August 2016, the company owned only 44 per cent of the container fleet in operation, and the rest was chartered-in. Container shipping rates continued to fall which resulted in
447:
containers a year. This service consisted of 24 container ships which allowed for this service to produce such an output per year. In 2010 Hanjin was the first to introduce a 10,000 TEU class carrier ship, which travelled between Asia and
315:
In
February 2017, SM Line, a new shipping firm formed by Samra Midas (SM) Group, purchased five vessels previously owned by Hanjin. In March, SM Line acquired two of Hanjin Shipping's terminals in Korea, in the cities of
272:, inherited KAL, when his third son, Cho Soo-ho, was handed Hanjin Shipping. Cho Soo-ho died from lung cancer in 2006 and his widow, Choi Eun-young, became the chairwoman of Hanjin Shipping in the following year.
1024:
189:
1799:
703:
830:
1628:
1463:
375:
waiting for cash payments. Hanjin's bankruptcy created a massive ripple effect. Other businesses that rely on physical products found themselves without the expected revenue from
964:
1789:
1784:
997:
859:
765:
942:
916:
890:
379:
that became stuck at sea. The containers of other container ship companies also became stranded on Hanjin vessels. Hanjin collapsed at an especially inconvenient time for
415:
Hanjin shipping formerly operated some 60 liner and tramper services around the globe, transporting over 100 million tons of cargo annually. Its fleet consisted of many
290:, in order to avoid formal insolvency proceedings. Hanjin Shipping's creditors withdrew their support after deeming a funding plan by parent company Hanjin inadequate.
1764:
734:
1020:
1794:
1472:
693:
423:. Hanjin Shipping had its own subsidiaries dedicated to ocean transportation and terminal operation and it had several branch offices in various countries.
613:
1779:
1456:
822:
800:
1662:
1769:
1449:
646:
1112:
968:
188:
was a South Korean logistics and container transport company. Hanjin
Shipping was South Korea's largest container line and one of the
882:
1759:
1551:
536:
1387:
989:
757:
938:
912:
851:
1176:
564:
257:(March 1979), and at the port of Jeddah (May 1980). In August 1992, the company started to load and unload cargo at the ports of
1520:
302:
726:
1585:
222:
in
November 1956, and another contract in March 1966, with all of the U.S. armed forces in Vietnam, including the Army,
1693:
444:
454:- This division of the shipping company delivered a variety of resources and raw materials through its ‘contract of
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1354:
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1556:
1398:
1698:
1546:
1541:
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603:
481:
1340:
1330:
609:
392:
1240:
1713:
1403:
258:
1774:
1640:
790:
420:
328:
276:
671:
363:
Hanjin
Shipping was the largest bankruptcy in the container transport industry and it caused worldwide
230:. In November 1969, Hanjin made its entry into the containerized shipping business signing a deal with
1568:
1561:
1419:
1169:
336:
203:
1738:
1650:
638:
472:– The shipping terminals for this company were distributed internationally. There were fourteen
306:
287:
143:
80:
368:
76:
1120:
1590:
1021:"Fallout from Hanjin collapse to be amplified by complex web of ship alliances, experts say"
428:
339:
from the sale of Hanjin's assets. This sum amounts to only 2% of the US$ 10.5 billion total
231:
72:
1708:
1335:
1162:
473:
416:
1498:
383:
furnishing their inventories with imported items in preparation for a seasonal uptick in
1503:
579:
424:
355:
312:
On 17 February 2017, Hanjin
Shipping Co. was declared bankrupt by South Korean courts.
227:
161:
35:
1753:
1703:
1635:
1441:
569:
455:
234:, Inc. In September 1970, the company opened its first container yard at the port of
431:
transportation and shipping company in the world (operations ceased
February 2009).
26:
1688:
1645:
1235:
384:
364:
298:
were not informed if and how they would be paid to load and unload Hanjin vessels.
294:
250:
913:"Final Bill for Hanjin Shipping Bankruptcy: $ 10 Billion - Global Trade Magazine"
1683:
1623:
1608:
1493:
1425:
407:
332:
269:
242:
219:
131:
1430:
1245:
396:
166:
120:
44:
206:
founded the company in
November 1945 with a single truck in the port city of
1508:
1222:
388:
376:
317:
223:
211:
399:
were affected, the repercussions were more prominent on smaller companies.
309:
that allowed its vessels to dock without getting confiscated by creditors.
1613:
344:
195:
Hanjin was declared bankrupt by South Korean courts on 17 February 2017.
791:"Hanjin Shipping files for receivership, as ports turn away its vessels"
1536:
1513:
1230:
795:
501:
497:
321:
268:
After Hanjin's founder, Cho Choong-hoon, died in 2002, his eldest son,
262:
215:
1655:
1185:
493:
380:
254:
246:
207:
154:
1078:
939:"Hanjin Shipping sales fail to plug $ 10.5bn hole | TradeWinds"
335:
of Hanjin
Shipping reported that it had only collected 220 million
883:"SM Line buys Hanjin Shipping's Gwangyang terminal | IHS Fairplay"
823:"Shipping collapse leaves freight stranded, portends weak economy"
574:
489:
485:
477:
372:
354:
235:
1618:
1578:
694:"Amid Industry Downturn, Global Shipping Sees Record-Low Growth"
463:
340:
1445:
1158:
1154:
698:
459:
639:"Korean Air Lines faces turbulence from its founding family"
990:"Move by South Korea's Hanjin Shipping Roils Global Trade"
758:"Move by South Korea's Hanjin Shipping Roils Global Trade"
265:
with the joint venture Total Terminals International LLC.
1147:
395:, and New Year's sales. Although large companies such as
177:
1800:
Companies that have filed for bankruptcy in South Korea
1079:"Alphaliner - TOP 100 - Existing fleet on October 2016"
371:
disruption as cargo ships were left stuck at ports and
190:
world's top ten container carriers in terms of capacity
214:
with the transportation of material to both Korea and
301:
On 2 September 2016, Hanjin Shipping filed papers in
852:"SM Line's 1st Service to Include 5 Hanjin Boxships"
1726:
1671:
1601:
1529:
1486:
1479:
1412:
1388:
Hanjin Heavy Industries & Construction Holdings
1380:
1363:
1323:
1300:
1277:
1254:
1215:
1192:
727:"Hanjin Shipping Asks Creditor to Restructure Debt"
286:In April 2016, Hanjin applied to its creditors for
173:
160:
150:
138:
126:
116:
101:
86:
68:
54:
42:
1313:Hanjin Information Systems & Telecommunication
458:’ with other companies. The division's ships were
597:
595:
1050:"HANJIN SHIPPING : Customer Advisory View"
218:. The company signed a major contract with the
1457:
1170:
756:Paris, Costas; Nam, In-Soo (31 August 2016).
632:
630:
8:
666:
664:
466:ships which carried crude oil and chemicals.
60:
19:
1790:South Korean companies established in 1977
1785:Transport companies disestablished in 2017
1483:
1464:
1450:
1442:
1177:
1163:
1155:
514:Container ship classes of Hanjin Shipping
25:
18:
1107:
1105:
1103:
785:
783:
249:at the port of Shuwaik (September 1977),
241:The late 1970s saw a major push into the
512:
443:– Transported approximately 3.7 million
406:
1765:Transport companies established in 1977
1027:from the original on September 22, 2020
862:from the original on September 17, 2018
591:
476:yards that this company owned: four in
16:Defunct South Korean logistics company
1795:2017 disestablishments in South Korea
1044:
1042:
919:from the original on 12 December 2018
737:from the original on 10 February 2023
649:from the original on 27 February 2017
7:
1351:Jungseok-Inha Educational Foundation
1000:from the original on January 4, 2018
893:from the original on August 14, 2023
803:from the original on 29 January 2023
605:Hanjin Shipping Is Declared Bankrupt
293:On 31 August 2016, Hanjin filed for
1019:Solomon, Mark (September 7, 2016).
945:from the original on 16 August 2017
768:from the original on 4 January 2018
706:from the original on April 18, 2023
692:Northam, Jackie (August 20, 2016).
1473:Major container shipping companies
331:which was appointed to manage the
14:
1780:Shipping companies of South Korea
1270:Seoul Integrated Freight Terminal
1264:Hanjin Incheon Container Terminal
1119:. Hanjin Shipping. Archived from
616:from the original on June 7, 2023
602:Nam, In-Soo (February 16, 2017),
1370:Hanjin International Corporation
1206:
881:Zeng, Xiaolin (March 14, 2017).
637:Kim, Jaewon (13 November 2016).
565:Top container shipping companies
34:
1089:from the original on 2017-05-19
833:from the original on 2022-06-05
327:In August 2017, a South Korean
1:
1348:Jungseok Logistics Foundation
1310:Global Logistics System Korea
725:Nam, In-soo (25 April 2016).
672:"Downfall of Hanjin Shipping"
427:once was the seventh largest
1770:Container shipping companies
1694:Pacific International Lines
1227:Incheon Aviation Technology
1816:
1355:Korea Aerospace University
105:17 February 2017
1399:Incheon Korean Air Jumbos
1204:
359:Hanjin 20 foot containers
245:with contracts signed to
186:Hanjin Shipping Co., Ltd.
61:
33:
24:
1760:Companies based in Seoul
1341:Inha University Hospital
776:– via www.wsj.com.
482:United States of America
1324:Non-profit corporations
1278:Tourism and real estate
610:The Wall Street Journal
81:ocean freight transport
20:Hanjin Shipping Co. Ltd
1331:Inha Technical College
412:
360:
1641:Ocean Network Express
1267:Hanjin Transportation
1241:Korea Airport Service
858:. February 23, 2017.
410:
358:
303:U.S. Bankruptcy court
277:2008 Global Recession
90:16 May 1977
1373:Waikiki Resort Hotel
1364:Foreign сorporations
1261:Hanjin Busan Newport
1739:United States Lines
1301:Information service
1290:Jungseok Enterprise
996:. August 31, 2016.
994:Wall Street Journal
856:World Maritime News
762:Wall Street Journal
731:Wall Street Journal
643:The Financial Times
515:
343:Hanjin owes to its
21:
915:. 15 August 2017.
513:
488:, and one each in
413:
361:
329:bankruptcy trustee
288:debt restructuring
283:financial losses.
210:. It provided the
144:container terminal
1747:
1746:
1722:
1721:
1439:
1438:
1345:Il Woo Foundation
1284:Air Total Service
941:. 8 August 2017.
608:, New York City:
556:
555:
183:
182:
142:Cargo transport,
1807:
1591:Italia Marittima
1499:P&O Nedlloyd
1484:
1466:
1459:
1452:
1443:
1404:Meritz Financial
1255:Ground transport
1210:
1209:
1179:
1172:
1165:
1156:
1151:
1150:
1148:Official website
1133:
1132:
1130:
1128:
1109:
1098:
1097:
1095:
1094:
1075:
1069:
1068:
1066:
1065:
1056:. Archived from
1046:
1037:
1036:
1034:
1032:
1016:
1010:
1009:
1007:
1005:
986:
980:
979:
977:
976:
967:. Archived from
961:
955:
954:
952:
950:
935:
929:
928:
926:
924:
909:
903:
902:
900:
898:
887:fairplay.ihs.com
878:
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411:Hanjin container
232:Sea-Land Service
112:
110:
97:
95:
73:Containerization
64:
63:
38:
29:
22:
1815:
1814:
1810:
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1808:
1806:
1805:
1804:
1750:
1749:
1748:
1743:
1734:Hanjin Shipping
1718:
1709:X-Press Feeders
1667:
1597:
1525:
1475:
1470:
1440:
1435:
1420:Cho Choong-hoon
1408:
1393:Hanjin Shipping
1376:
1359:
1336:Inha University
1319:
1296:
1273:
1250:
1211:
1207:
1202:
1193:Holding company
1188:
1183:
1146:
1145:
1142:
1137:
1136:
1126:
1124:
1123:on 25 July 2013
1111:
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636:
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628:
619:
617:
601:
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593:
588:
561:
528:Ships in class
525:Capacity (TEU)
511:
480:, three in the
437:
417:container ships
405:
353:
253:at the port of
204:Cho Choong Hoon
201:
134:
108:
106:
93:
91:
57:
50:Hanjin Shipping
47:
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12:
11:
5:
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1701:
1699:Swire Shipping
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1530:Ocean Alliance
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1293:Wangsan Marina
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1140:External links
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1099:
1083:alphaliner.com
1070:
1038:
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930:
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873:
843:
829:. 2016-09-05.
814:
779:
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590:
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580:Hyundai Glovis
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425:Hanjin-Senator
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1287:Hanjin Travel
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1074:
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1060:on 2016-10-22
1059:
1055:
1051:
1045:
1043:
1039:
1031:September 30,
1026:
1022:
1015:
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999:
995:
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985:
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971:on 2017-08-16
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611:
607:
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576:
573:
571:
570:HMM (company)
568:
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549:
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1775:Hanjin Group
1733:
1602:THE Alliance
1392:
1236:KAL Catering
1186:Hanjin Group
1125:. Retrieved
1121:the original
1116:
1091:. Retrieved
1082:
1073:
1062:. Retrieved
1058:the original
1053:
1029:. Retrieved
1014:
1004:February 19,
1002:. Retrieved
993:
984:
973:. Retrieved
969:the original
959:
947:. Retrieved
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921:. Retrieved
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895:. Retrieved
889:. Fairplay.
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739:. Retrieved
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720:
710:February 19,
708:. Retrieved
697:
687:
676:. Retrieved
674:. 2017-01-24
651:. Retrieved
642:
620:February 17,
618:, retrieved
604:
537:
469:
451:
440:
421:LNG carriers
414:
393:Black Friday
385:Thanksgiving
365:supply chain
362:
326:
314:
311:
300:
295:receivership
292:
285:
281:
274:
267:
251:Saudi Arabia
240:
202:
194:
185:
184:
127:Headquarters
1609:Hapag-Lloyd
1504:Hamburg Süd
1487:2M Alliance
1426:Cho Yang-ho
653:27 February
519:Ship class
419:, bulk and
333:liquidation
275:Before the
270:Cho Yang-ho
243:Middle East
220:US 8th Army
132:South Korea
56:Native name
1754:Categories
1679:Arkas Line
1431:Walter Cho
1246:Korean Air
1199:Hanjin KAL
1113:"Overview"
1093:2016-11-30
1064:2016-10-20
1054:hanjin.com
975:2017-08-15
965:"Business"
837:2016-09-05
678:2022-12-26
586:References
544:2012–2013
403:Operations
259:Long Beach
178:hanjin.com
167:Korean Air
146:management
121:Bankruptcy
109:2017-02-17
94:1977-05-16
45:Trade name
1663:Yang Ming
1586:Evergreen
1509:Safmarine
1422:(founder)
1395:(defunct)
1223:Air Korea
1127:14 August
949:15 August
923:15 August
807:31 August
484:, two in
441:Container
429:container
389:Christmas
381:retailers
377:inventory
345:creditors
318:Gwangyang
228:Air Force
212:U.S. Army
1614:CP Ships
1307:CyberSky
1216:Aviation
1087:Archived
1025:Archived
998:Archived
943:Archived
917:Archived
897:July 10,
891:Archived
866:July 10,
860:Archived
831:Archived
827:ABC News
801:Archived
766:Archived
741:26 April
735:Archived
704:Archived
647:Archived
614:archived
559:See also
470:Terminal
435:Services
369:shipping
169:(43.26%)
139:Services
77:shipping
69:Industry
1727:Defunct
1704:Wan Hai
1629:DAL/JTE
1552:Comanav
1537:CMA CGM
1514:SeaLand
1381:Related
1231:Jin Air
1117:Service
796:Reuters
772:7 March
547:13,102
502:Belgium
498:Vietnam
448:Europe.
322:Incheon
263:Seattle
216:Vietnam
199:History
174:Website
107: (
102:Defunct
92: (
87:Founded
1689:Matson
1672:Others
1656:K Line
1557:Delmas
1494:Maersk
1480:Active
1413:People
540:-class
531:Notes
522:Built
494:Taiwan
373:canals
351:Legacy
307:Newark
255:Dammam
247:Kuwait
226:, and
208:Inchon
162:Parent
155:Hanjin
1684:IRISL
1569:COSCO
1316:TOPAS
575:EUKOR
538:Sooho
509:Fleet
490:Spain
486:Japan
478:Korea
236:Busan
151:Owner
1624:UASC
1619:CSAV
1579:OOCL
1574:CSCL
1129:2013
1033:2020
1006:2017
951:2017
925:2017
899:2017
868:2017
809:2016
774:2017
743:2016
712:2017
655:2017
622:2017
500:and
474:dock
464:VLCC
462:and
452:Bulk
397:Nike
367:and
341:debt
320:and
261:and
224:Navy
117:Fate
62:한진해운
1714:ZIM
1651:MOL
1646:NYK
1636:HMM
1562:NOL
1547:APL
1542:ANL
1521:MSC
699:NPR
460:LNG
445:TEU
337:USD
305:in
1756::
1115:.
1102:^
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782:^
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