AsiaDry Cargo

Another Korean line files for court receivership

Another South Korean shipping line has sought court protection. Seorae Sea Merchant Corp filed for bankruptcy on Friday in Seoul.

The company was founded in 1997 in Seoul and today has just two small bulkers in its fleet. It recorded an operating loss of KRW37.6bn ($3.3m) last year.

It becomes the sixth Korean line to seek court protection in the space of just 18 months.


Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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