South Korea
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Asia
Ex-Hanjin chairwoman summoned again on allegations of insider trading
Hanjin Shipping’s ex-chairwoman Choi Eun-young has been summoned again by the Seoul Southern District Prosecutors’ Office on suspicion of illegal…
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Asia
Arrest beckons for former DSME boss as fraud investigation hots up
A former ceo of Daewoo Shipbuilding & Marine Engineering (DSME) was taken into custody today over the yard’s huge accounting…
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Asia
HMM granted extra time to get its finances in order
Struggling Hyundai Merchant Marine (HMM) has been handed another month’s breathing space by creditors to get its financial footing safely…
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Asia
South Korea rushes through stimulus package to help struggling shipbuilders
President Park Geun-hye today urged local politicians to ratify a stimulus package worth KRW20trn ($17bn), including KRW10trn in extra budget,…
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Asia
Bankruptcy looms over DSME
A September bankruptcy hangs over embattled giant Korean yard Daewoo Shipbuilding & Marine Engineering (DSME) unless it can raise KRW1trn…
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Asia
KDB hatches plan to keep Hanjin Shipping solvent
The Korea Development Bank (KDB) is in discussions with Hanjin Group to eek out a financial plan to give Hanjin…
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Asia
Hyundai Merchant Marine in talks to join 2M
Embattled Korean line Hyundai Merchant Marine is in negotiations with Maersk and MSC to join their alliance, 2M. The news…
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Asia
Under fire KDB promises to cut shipping and shipbuilding exposure
South Korea’s policy lender Korea Development Bank (KDB) has today announced a series of reforms on the back of stinging…
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Americas
‘Stand firm behind Hanjin Shipping right away,’ Gerry Wang tells Seoul
The founder of Seaspan has weighed into the ongoing maelstrom seen in Korean shipping telling Splash in an exclusive interview…
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Asia
Korea Shipowners’ Association warns on heavy impact were HMM and Hanjin to fold
The Korea Shipowners’ Association has estimated that if Hanjin Shipping and Hyundai Merchant Marine were to go bankrupt, 5,400 jobs…
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Americas
No deal: Gerry Wang refuses to budge on Hanjin charter renegotiations
The chairman of Hanjin Group has met with its lead tonnage provider Seaspan this week, but has failed to get…
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Asia
Korea Development Bank in the firing line for its handling of DSME
Politicians in Seoul are demanding an inquiry into state-run Korea Development Bank’s (KDB) handling of troubled shipyard Daewoo Shipbuilding &…
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Asia
Hyundai Mipo sells stake in KCC for $140m
As part of restructuring initiated by parent Hyundai Heavy Industries (HHI), Hyundai Mipo Dockyard (HMD) is selling all its shares…
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Asia
DSME accounting fraud totalled $1.27bn, first arrest made
State auditors in Seoul have unearthed a KRW1.5trn ($1.27bn) accounting fraud at beleaguered Daewoo Shipbuilding & Marine Engineering (DSME). DSME,…
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Asia
Former Hanjin Shipping boss avoids arrest
A court in Seoul threw out a prosecution request yesterday for an arrest warrant for a former Hanjin Shipping boss…
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Asia
Workers at DSME vote to go on strike
Around 85% of 7,000 unionised workers at Daewoo Shipbuilding & Marine Engineering (DSME) have voted in favour of industrial action…
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Asia
STX hit by hefty arbitration rulings
Troubled South Korean yard STX Offshore & Shipbuilding has had to fork out sizeable penalties to overseas owners for late…
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Asia
Seoul financial watchdog refuses to rule out HMM/Hanjin merger
A mega merger story that refuses to die down has reemerged in South Korea today. Lim Jong-ryong, chairman of the…
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Asia
Arrest warrant sought for former Hanjin Shipping chairman
Prosecutors on Sunday sought the arrest warrant of the ex-chairman of Hanjin Shipping, who has been hit with insider trading…
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Asia
South Korea’s president calls for ‘bone-crushing’ shipbuilding restructuring
South Korean president Park Geun-Hye warned today the nation’s shipbuilders will have to endure plenty more pain. Addressing parliament, Park…
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