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[THE INVESTOR] Stocks of Hanjin Shipping plunged on Sept. 5 after it filed for court protection last week stoking concerns that it may be liquidated soon.
Hanjin Shipping stocks were trading at 964 won (US$0.90) on the Seoul bourse as of 10:00 a.m., down 22.26 percent from the previous session’s close. The trading of the shipper has been halted since Aug. 30.
On Aug. 31, the shipper applied for receivership in South Korea after its creditors, led by the state-run Korea Development Bank rejected its latest self-rescue plan.
Since late last month when creditors signaled they would cut off financial help to the beleaguered shipping firm, Hanjin Shipping’s vessels have been denied access to ports worldwide as lashing companies and port workers refused to work out of concerns that they would not be paid. Also, some of its ships have been seized by its creditors.
According to Hanjin, 68 out of its 141-vessel fleet have been stranded in seas off China, Australia and the United States.
(theinvestor@heraldcorp.com)
Hanjin Shipping stocks were trading at 964 won (US$0.90) on the Seoul bourse as of 10:00 a.m., down 22.26 percent from the previous session’s close. The trading of the shipper has been halted since Aug. 30.
On Aug. 31, the shipper applied for receivership in South Korea after its creditors, led by the state-run Korea Development Bank rejected its latest self-rescue plan.
Since late last month when creditors signaled they would cut off financial help to the beleaguered shipping firm, Hanjin Shipping’s vessels have been denied access to ports worldwide as lashing companies and port workers refused to work out of concerns that they would not be paid. Also, some of its ships have been seized by its creditors.
According to Hanjin, 68 out of its 141-vessel fleet have been stranded in seas off China, Australia and the United States.
(theinvestor@heraldcorp.com)
