AsiaShipyards

Haniin Heavy and creditors agree new deal

Photo of Sam Chambers Sam ChambersMarch 25, 2016
3 Less than a minute

South Korean shipyard Hanjin Heavy Industries & Construction will head into joint management with its creditors within the next six weeks.

The company’s self-rescue plans have been approved. Asset disposals and lay-offs are expected in the coming two months. The cutbacks are likely at Hanjin Heavy’s headquarters in Busan, but not at its overseas yard in Subic Bay in the Philippines.

Hanjin Heavy is one of a swathe of Korean yards at the mercy of creditors at the moment.

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Photo of Sam Chambers Sam ChambersMarch 25, 2016
3 Less than a minute
Photo of Sam Chambers

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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