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.

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