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Hanjin Shipping bankruptcy crisis hit the Korean economy

  • Author:Dreamy F
  • Source:www.china-disposable.com
  • Release on :2016-09-13
September 11, the South Korean government decided, with Hanjin Shipping will be contracted suffered losses small and medium transport agents provide 400 billion won (1 US dollar equals 1108 won) emergency financial support, assisting companies to weather the storm. South Korean government believes that Hanjin shipbuilding industry filed for bankruptcy protection due to the crisis and allow stagnant regional economy increasingly difficult, and down the ruling and opposition should work together to overcome the crisis.

All along, the shipping industry for import and export as the center of the Korean economy, can be described as an important basic industry. Hanjin Shipping is Korea's largest shipping companies in the world ranked seventh, operates the world's more than 60 regular and irregular routes to transport goods around the world tons, occupy an important position in the world economy, ports and logistics network in a year .

However, in recent years, Hanjin bleak business conditions, by the end of 2015, Hanjin more than 6.6 trillion won of debt, debt to equity ratio of nearly 850% in the first half of this year is the cumulative loss of 473 billion won. Han people in the industry believe that if Hanjin repay short-term debt and to maintain operations, the funding gap amounted to 1.2 trillion won. Unbearable debt burden, Hanjin August filed for bankruptcy protection last day. September 1, Seoul Central District Court announced the implementation of bankruptcy protection for Hanjin Shipping, a third party designated by the court administration. September 2, Hanjin Shipping filed for bankruptcy protection to the United States. It is reported that the court will decide whether further field trips to save Hanjin, or its liquidation.


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