Hanjin Shipping
| Hanjin Shipping Co.
|
|
|---|---|
 |
|
| legal form | Limited |
| founding | May 1977 |
| resolution | February 2017 |
| Seat | Seoul |
| Branch | shipping |
| Website | www.hanjin.com |
| Korean spelling | |
|---|---|
| Korean alphabet : | 한진 해운 |
| Revised Romanization : | hanjin hae-un |
| McCune-Reischauer : | hanjin hae-un |
The Hanjin Shipping Co., Ltd. (HJS) was one of the largest shipping companies in the world until 2017 ; The company's headquarters were in Seoul ( South Korea ). Hanjin Shipping and other companies such as the airline Korean Air , Hanjin Transport and the shipyard and construction company Hanjin Heavy Industries & Construction together formed the Hanjin Group , one of the Korean Jaebeol and one of the leading logistics groups in the world.
An insolvency administrator was appointed in August 2016 . Operations ceased in February 2017.
history
The beginnings of cargo shipping within the Hanjin Group go back to 1945. A first container service was set up in 1969 in cooperation with the then leading Sea-Land Corporation . In May 1977 the 'Hanjin Container Lines' were founded; a merger with Korea Shipping Corp. led to the establishment of Hanjin Shipping in 1988.
In 1995 Hanjin Shipping acquired the also South Korean shipping company Keoyang Shipping; this belonged to Hanjin until 2009. In 1997 Hanjin took over a majority stake in the shipping company Senator Lines in Bremen (resulting from a merger of the Senator Line with the German shipping company Rostock [DSR] in 1994 ). At the end of February 2009, Senator Lines ceased business operations due to the economic crisis and the associated shipping crisis . Another subsidiary is the nautical IT service provider CyberLogitec. Hanjin Shipping also operated eleven of its own container terminals .
Hanjin Shipping had a fleet of more than 140 container ships , bulk carriers and tankers, and its ships - some of which were chartered - served numerous routes, primarily in East Asia , Europe and the American west coast . It regularly calls at over eighty ports in more than 35 countries. In Germany , Hanjin Shipping was represented with branches in Hamburg , Bremen , Düsseldorf , Frankfurt am Main and Munich . In Switzerland, Hanjin was represented in Basel. Measured by the container capacity of its own ships, Hanjin Shipping ranked 11th worldwide at the beginning of 2015. Since March 2014, the company has been part of the CKYHE shipping alliance ( COSCO , K-Line , Yang Ming Line , Hanjin Shipping, Evergreen Marine ). At first only the Far East traffic was served together. After the US Federal Maritime Commission (FMC) approved this at the end of 2014, this shipping area should also be included in the joint timetables in spring 2015. [outdated]
In May 2016 "The Alliance" was founded with Hapag-Lloyd , Nippon Yūsen , “K” Line , Yang Ming Line and Mitsui OSK Lines .
insolvency
A restructuring program was decided by the creditors to reduce debt, but it failed. Therefore, the company, which at that time was the seventh largest shipping company in the world, filed for bankruptcy on August 31, 2016 at the responsible district court in Seoul. A new rescue plan should be presented by November. However, this did not happen. The South Korean District Court announced the liquidation of the company in February 2017.
The bankruptcy filing resulted in 89 Hanjin-operated container ships and bulk carriers in 26 countries being denied access to ports or berthing at terminals for fear that fees would not be paid. On the other hand, Hanjin avoided entering for fear of the ships being confiscated by creditors. According to a court ruling in the USA, at least ports in this country were later allowed to be called.
The supply situation worsened on around seventy of the shipping company's ships, which could not or would not call at any ports. By March 2017, all of the shipping company's ships were sold or scrapped.
See also
Web links
Individual evidence
- ↑ Hanjin shipping asks creditor to restructure debt. The Wall Street Journal, April 25, 2016.
- ^ First German shipping company at the end. www.sueddeutsche.de, February 5, 2009.
- ↑ Senator Lines: First German shipping company ceases operations. www.speditionsbuch-info.de, February 12, 2009.
- ↑ From the Bremer Seefahrer-Traum. - The now closed shipping company "Senator Lines" is a child of Bremen's state economic policy: The city-state wanted to play a role again in container traffic around the world. taz.de, February 6, 2009.
- ^ Ocean Alliances. (No longer available online.) Archived from the original on December 10, 2017 ; accessed on May 31, 2017 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Hapag-Lloyd founds a major alliance. (No longer available online.) May 13, 2016, formerly in the original ; accessed on May 31, 2017 . ( Page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Korea's Hanjin Shipping Becomes Symbol of Industry in Pain. August 30, 2016, accessed August 31, 2016 .
- ^ Hanjin in trouble as banks end support. August 31, 2016, accessed August 31, 2016 .
- ↑ Hanjin: Do creditors let one of the largest shipping companies go under? August 30, 2016, accessed August 31, 2016 .
- ↑ South Korean shipping company Hanjin files for bankruptcy. Retrieved September 1, 2016 .
- ↑ Rescue plan in progress: shipping giant Hanjin is fighting for survival. In: Der Spiegel. September 2, 2016, accessed September 2, 2016 .
- ↑ http://www.handelsblatt.com/unternehmen/industrie/schifffahrt-gericht-will-aufloesung-der-reederei-hanjin-verkuenden/19342168.html
- ↑ Bankruptcy shipping company is looking for safe havens: Hamburg is also to become the “base port”. orf.at, September 8, 2016, accessed on September 9, 2016.
- ↑ "My team is going crazy ." spiegel.de, September 11, 2016.
- ↑ Hanjin's Last Ship Sold for Scrap. March 8, 2017. Retrieved August 20, 2017 .
