Chang Myung seeks court protection

Chang Myung seeks court protection

Few countries have recorded so many shipping bankruptcies in the last couple of years as South Korea. Chang Myung Shipping, a dry bulk owner, has become the latest, filing for court protection in Seoul yesterday, weighed down by debts in excess of $1bn.

Chang Myung had been furiously selling off many of its ships in recent months, both to scrap and to other owners, but it still remained in the red for its latest annual results.

The demise of the line is also an embarrassment to Korea P&I Club. Lee Kyung-jae, as well as being Chang Myung ceo, is chairman of the insurance firm.

Chang Myung will likely set about a restructuring next month.

 

 

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.

Related Posts