Home » Other » Hanjin Shipping has been given a lifeline!
Warning: Use of undefined constant single_postformat - assumed 'single_postformat' (this will throw an Error in a future version of PHP) in /home/www/wwwroot/alloy.wiki/vews/8576a81b5d/single.php on line 24
class="container-posts single_postformat post-3769 post type-post status-publish format-standard hentry category-other odd">

Hanjin Shipping has been given a lifeline!

Posted by: Alloy 2021-01-11 Comments Off on Hanjin Shipping has been given a lifeline!

Hanjin Shipping has been handed a massive get out of jail free card, courtesy of the South Korean government. The government has stated that they will provide Hanjin with the funding required, in a bid to keep the financially crippled shipping giant afloat. 

Seoul has announced it will give Hanjin in excess of $91m, whilst also providing low interest rates. The news has been welcomed from investors around the world, with shares in the company rising by 20%. Last week, news that the company had filed for bankruptcy sent alarm bells ringing around the world to shipping ports and retailers, unsure whether they will receive payment or merchandise respectively. Therefore shipping ports were refusing the ships permission to dock and causing much of Hanjin’s fleet to be stranded at sea and with the risk of being seized, due to payment failure. 

Hanjin Shipping has been given a lifeline!

The fact Hanjin’s woes made headlines around the world was hardly surprising, considering the fact they are the seventh biggest shipping line and due to the abysmal financial state of the shipping currently, it was only a matter of time till there was a casualty. To put it in perspective, consecutive years of fierce competition and poor performances from Hanjin saw a staggering $5.4 billion of debt accumulated. 

You have to wonder whether the $91m being offered is going to be enough, considering the amount of debt Hanjin has amassed, nevertheless, let’s hope for the time being at least, Hanjin can finally deliver the merchandise that has been stranded at sea. 

Shanghai Metal Corporation is a trusted aluminum alloyaluminum foil pricestainless steel price and stainless steel manufacturer, kinds of stainless steel in china.

Guest contributors are welcome at the Alloy Wiki.It is a weekly wiki and guide on alloy information and processing technology, while also about the vast array of opportunities that are present in manufacturing. Our team of writers consists of a Machining Material Supplier / Machinist / Tool and Die Maker, a Biomedical Engineer / Product Development Engineer, a Job Development Coordinator / Adjunct Professor, and a President and CEO of a manufacturing facility.

Link to this article:Hanjin Shipping has been given a lifeline!

Reprint Statement: If there are no special instructions, all articles on this site are original. Please indicate the source for reprinting:Alloy Wiki,thanks!^^