South Korea would pay big price if Hanjin and HMM folded
The Korea Shipowners' Association has made calculations for how much the potential bankruptcies at Hanjin and HMM would cost the country, measured in cash as well as in jobs, reports Korea Herald.
BY JOHANNES HARTKOPF-MIKKELSEN
If South Korea's two major, financially devastated container carriers, Hanjin Shipping and Hyundai Merchant Marine (HMM), both disappear from the market, this would incite the loss of 5,400 jobs and cause damage to the country's economy worth a total of USD 19.13 billion, reports Korean Herald, citing data from the Korea Shipowners' Association.
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