Company worries mount as Hanjin Shipping files for bankruptcyDomestic exporters and importers whose goods are on board ships of Hanjin Shipping Co Ltd have been on tenterhooks since the South Korean container shipper filed for bankruptcy protection. Hanjin Shipping, the world’s seventh largest shipping line by capacity, is one of the first shipping companies investing in port infrastructure facilities in Vietnam. Hanjin Shipping joined hands with local and foreign partners to develop Cai Mep specialized terminal and launched sea routes linking Vietnam and other markets years ago, serving many Vietnamese firms. As reported by international media, Korea Development Bank (KDB), which is the main creditor of Hanjin Shipping, announced to cut its financial support for the company on August 30, one day before the company filed for bankruptcy at a court in Seoul. According to the Wall Street Journal, a South Korean court will decide if Hanjin Shipping is dissolved or gets a chance to restructure.

Source: VietNamNet News September 06, 2016 17:03 UTC