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.