Korean shipping group headed toward bankruptcy

Korean STX Pan Ocean has come under bankruptcy protection, meaning that the company will have to undergo a restructuing process if greenlighted by the Court.

Photo: Jyllands-Posten

Korean STX Pan Ocean has come under bankruptcy protection as the major shipping group can no longer pay its debts, writes Bloomberg.

“Oversupply in the industry and the purchase of new vessels have led to mounting debt and continued net losses,” says STX Pan Ocean in a statement.

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