South Korea: 'Tough Luck' to Hanjin
The South Korean government, long a bastion of support for the country's big conglomerates, is sticking to its hard-line stance on Hanjin Shipping Co Ltd , whose collapse is roiling global supply chains. Since the world's seventh-largest container carrier filed for court receivership in late August, the government has sought to limit the impact on the export-dependent economy and Hanjin customers but is otherwise leaving the company to fend for itself. "It now is entirely up to the court," a government official closely linked to the matter told Reuters, declining to be named due to the sensitivity of the issue. South Korea has said no government or central bank money will be directly injected into firms undergoing restructuring in the ailing shipping and shipbuilding industries.
Hanjin Shipping Secures $45 mln to Rescue Stranded Cargo
Parent group transfers $36 mln to troubled shipper. It may cost over $150 mln to unload stranded cargo. The chairman of Hanjin Group transferred 40 billion won ($36 million) to Hanjin Shipping on Tuesday to help unload cargo stranded on the troubled shipper's vessels, a spokesman said, but regulators warned securing further funds could take "considerable time". The parent of Hanjin Shipping pledged last week to raise 100 billion won to help rescue cargo in the wake of the collapse of the world's seventh-biggest container shipper, including the 40 billion won from Chairman Cho Yang-ho. About $9 million pledged by Choi Eun-young, a former chairwoman of Hanjin Shipping, has also come in, the shipper said.
S.Korea Creates $9.5 Bln Fund for Banks Exposed to Shipyard Troubles
South Korea's government and central bank will create an 11 trillion won ($9.50 billion) fund to support two state-run banks most exposed to the country's struggling shipping and shipbuilding firms. "Our key industries like shipping and shipbuilding are being aggressively caught up by countries like China and management conditions have worsened due to weak global trade," Finance Minister Yoo Il-ho said in a speech announcing the corporate restructuring plans on Wednesday. South…
As Korean Shipyards Founder, Central Bank Dragged into Rescue Bid
They are South Korea's "too-big-to-fail" firms - the world's largest shipbuilders that are both a massive economic force and an important national symbol - and the government wants the central bank to fund an unconventional rescue of the sector. The three biggest shipbuilders - Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries Co Ltd and Samsung Heavy Industries Co Ltd - sustained record losses last year, dragged down by the global commodities plunge and falling trade volumes. The government wants the central bank to print money to buy bonds in two state banks propping up shipyards as well as shippers - a measure some officials call quantitative easing. Publicly, the Bank of Korea (BOK) says it is willing to cooperate.
Zamakona Builds Tuna Vessel for Echebastar
Zamakona Yards informs its Astilleros Zamakona shipyard will deliver new build EuskadiI Alai, the third tuna freezer vessel ordered by the Echebastar Group to the Bermeo Group Echebastar on Saturday at the maritime cruise station in Getxo, Port of Bilbao. Present for the ceremony will be Kepa Echevarría, Deputy Director of the Echebastar Group; Pedro Garaygordóbil, Zamakona Yards´ President; and the vessel’s godmother Miren Arantza Gabancho Munitiz, member of the company that owns the tuna vessel.
Zamakona to Deliver Tuna Freezer Vessel
This Saturday, March 7, Zamakona Shipyards in Santurce will deliver its construction number 737, the tuna freezer vessel Jai Alai, to bermeo Group Echebastar. Present at the ceremony will be Kepa Echevarría, Deputy Director of the Echebastar Group; and Pedro Garaygordobil, Zamakona Yards’ President; and to preside over the ceremony and act as godmother Mary Arenaza Happiness Madariaga, member of the tuna vessel’s owning company; as well as more than 250 other attendees, among which will be representatives of the Basque Government and Central Government of Seychelles…
IMO Pledge to Support African Piracy Code
The organisation will help implement the West and Central Africa piracy code adopted at a recent ministerial meeting. IMO has pledged its support to assist in the implementation of a new Code of Conduct concerning the prevention and repression of piracy, armed robbery against ships and illicit maritime activity in west and central Africa, which has been adopted at a Ministerial meeting in Cotonou, Benin. The Code is expected to be opened for signature at the meeting of the Heads of State and Government of Central and West African States, expected to be held in Yaoundé, Cameroon, in May 2013.
