Latest news from Heavy Lift & Project Forwarding International Magazine

Kim steps down from debt-laden Hanjin

November 11 - Hanjin Shipping's chief executive officer, Kim Young Min, has announced his resignation from the company, assuming responsibility for its continuing losses and delay in getting financial support from creditors.

Kim (pictured), who was appointed ceo in January 2009 after 20 years with Citigroup, will remain with the company until a successor is appointed.

The news of Kim's resignation comes after two successive years of losses at the South Korean shipper and a 43 percent slump in stocks this year.

At the end of October the company announced that it would be receiving a USD141 million loan from Korean Air to help ease its liquidity shortage, but reports suggest that its shares are still falling.

A report in Korea Economic Daily said that Hanjin is considering selling new shares, loans and perpetual bonds to raise funds to repay its debt and improve finances.

Drewry Maritime Equity Research expressed negativity surrounding the company's future prospects, stating that despite the worst being behind Hanjin in terms of losses, it was not optimistic about a major turnaround near term.

Hanjin is among various liners battling a global overcapacity and slump in cargo rates caused by China's weak iron-ore demand.

 

 

www.hanjin.com

Heavy Lift | News

Winners revealed at Heavy Lift Awards thumbnail image

Winners revealed at Heavy Lift Awards

October 16 - Almost 400 guests gathered at the inaugural Heavy Lift Awards ceremony last night at the Hilton Old Town hotel in Antwerp to celebrate the achievements of the heavy lift, specialised transport and project logistics sector.
Views: 1095
Marguisa teams up with NileDutch thumbnail image

Marguisa teams up with NileDutch

October 16 - Marguisa has signed an agreement with NileDutch that will see the company’s Calabar service expanded with additional port calls in the Republic of the Congo and São Tomé and Príncipe.
Views: 386
DSV warns of cuts at Panalpina thumbnail image

DSV warns of cuts at Panalpina

October 15 - Corporate functions and positions at Panalpina may be cut or relocated to DSV’s headquarters in Denmark, as the companies continue with the integration process.
Views: 905

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.