ShippingWatch

South Korea's government and owner to inject money into Hanjin

Facing the prospects of a logistical nightmare, the South Korean government and Hanjin Group are now both floating the possibility of aiding collapsed container carrier Hanjin with USD 90 million each. But at the moment, the carrier seems to need six times this figure.

Photo: PR-foto/Hanjin Shipping

The South Korean government as well as the owner of collapsed container carrier Hanjin, Hanjin Group, now both float the possibility of providing financial aid to the carrier, reports Bloomberg.

Hanjin Group has promised to provide 100 billion won, around USD 90 million, of which 40 billion won will come from chairman Cho Yang Ho and the remaining 60 billion will be raised with collateral in assets such as Hanjin Group's stake in the Long Beach terminal in Los Angeles.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Further reading

Related articles

Latest news

See all jobs