Hanjin Shipping Opts for Debt Restructuring
South Korea’s Hanjin Shipping Co. Ltd will work with lenders to restructure debt after years of weak demand resulted in losses and cash erosion, reports Bloomberg. The board of Hanjin Shipping decided to file for receivership and give creditors authority to manage the company, bowing to calls from the government and its main creditor Korea Development Bank (KDB) which asked Cho to accept heavy restructuring of the company. "Board directors of Hanjin Shipping decided to give up their management control for debt restructuring," said a KDB spokesman.
Obama, Park say North Korea must show it is serious
U.S. President Barack Obama and South Korean President Park Geun-hye said on Friday the door remained open to negotiations with North Korea that could bring relief from sanctions, but Pyongyang needed to show it was serious about abandoning its nuclear weapons program. Obama told a joint new conference after talks with Park he had seen no indication that North Korea envisioned a future without nuclear weapons. (Reporting by David Brunnstrom)
Hanjin to Support Smart Shipping
Hanjin Group opened its creative economy innovation center in Incheon on Wednesday, hoping to develop the city into a distribution hub of Northeast Asia utilizing advanced shipping technologies. As part of the center, Hanjin created a fund worth 159 billion won ($138 million), with about 94 billion won to be used for loans to companies starting smart distribution businesses. President Park Geun-hye, Hanjin Group Chairman and CEO Cho Yang-ho and Incheon Mayor Yoo Jeong-bok attended the opening ceremony, held at the center’s location in Songdo, Incheon.
SRI Responds to SEWOL Judgement
Seafarers’ Rights International (SRI), the international centre dedicated to advancing the rights of seafarers, has given an initial response to today’s judgement handed down in relation to the sinking of the South Korean ferry SEWOL in April of this year, with the loss of over 300 lives. In a statement, Deirdre Fitzpatrick, Executive Director of SRI said: “This disaster has been beset with tragedies and sadness from the beginning. The reported comments of the South Korean president…
South Korea's Park: Ferry Crew Conduct Tantamount to Murder
South Korean President Park Geun-hye said on Monday the actions of some crew of a ferry that sank with hundreds feared dead were tantamount to murder, as a four-year-old video transcript showed the captain promoting the safety of the same route. Sixty-four people are known to have died and 238 are missing, presumed dead, in the sinking of the Sewol ferry last Wednesday. Most of the victims are high school children. Captain Lee Joon-seok, 69, and two other crew members were arrested last week on negligence charges…
Crewman Claims Ferry Captain "Rushed Back To Bridge"
The captain of a South Korean ferry that capsized two days ago rushed back to the bridge after it started listing severely and tried in vain to right the vessel, one of the helmsmen on the ship said on Friday. A junior officer was steering the Sewol ferry when it capsized on Wednesday, leaving 28 people officially declared dead and 268 missing, almost all of them high school students. Divers are fighting strong tides and murky waters to get to the sunken ship but hopes are fading of finding any of the missing alive. "I'm not sure where the captain was before the accident.