Major Korean shipowner's crisis leads to more drama

Speculations abound that Korea Developments Bank declined credit support for almost USD 180 million to STX Pan Ocean, which got a new CEO on Wednesday.

The drama about Korean STX Pan Ocean's destiny remains unclear as the major Korean shipping company announced on Wednesday that the company has yet to decide whether to seek court receivership, according to a statement by company spokesman SJ Jang.

The decision depends on the continued credit support from primary shareholder Korea Development Bank (KDB), says the spokesman.

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

One alternative fuel may be particularly dangerous

In a new study – which Maersk, Shell, Euronav and MSC Ship Management, among others, are behind – the new alternative fuels are ranked based on how dangerous they are. The industry has to be careful with one of them, in particular.

Further reading

Related articles

Latest news

See all jobs