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Korea Shipping Association News

31 Oct 2016

Hanjin Take-over: Bidders Begin Due Diligence

Bidders for Hanjin Shipping Co.'s Asia-U.S. route up for sale will start a due diligence process this week, with the asset sale by the country's ailing shipper expected to be completed by next month, Yonhap reports quoting industry sources. According to various reports, Hyundai Merchant Marine Co., Korea Shipping Association, Korea Line Corp. and private equity firm Hahn & Co. were among those that have expressed interest,, as Hanjin is broken up as part of a restructuring plan. The asset sale includes vessels that operate on its Asia-U.S. route. The due diligence on the asset is being conducted from October 31 to November 4. Final bids are due by Nov.

30 Apr 2014

Korea Ferry Disaster Points Up Cronyism

A culture of cosy personal ties that can blur the lines between businesses and those regulating them, of profit over safety, and soft courts is in focus as South Korea demands answers over the sinking of a ferry with the loss of more than 300 lives, mainly high school students. Prosecutors are investigating two shipping trade organisations responsible for vessel safety checks and for certifying ships that operate in domestic waters. Two officials at the Korea Shipping Association (KSA) have been arrested on charges of obstructing justice for destroying documents related to a probe into lobbying government officials. A third official was arrested for alleged influence peddling and embezzlement. Prosecutors are also investigating Korean Register (KR), which tests and certifies ships.

29 Apr 2014

Korean Ferry Operator Relied Increasingly on Cargo

The operator of the South Korean ferry that capsized and sank this month with the loss of about 300 lives was apparently being squeezed by competition from budget airlines and had to increasingly rely on its cargo business. The Sewol ferry sank on a routine voyage south from the port of Incheon to the holiday island of Jeju on April 16. Investigators have not determined the cause of the accident but media has reported that the ship was overloaded with cargo and it may have been poorly stowed. The ship was carrying 476 passengers and crew and had a capacity for 956. The Korean Register of Shipping, which tested and certified the Sewol, stipulated that it should be loaded with no more than 1,070 tonnes of cargo and passengers combined. It is not clear how much cargo it was carrying.