HMM Names Jae-hoon Bae As New CEO
South Korean container line Hyundai Merchant Marine (HMM) has announced that its board of directors had approved the hiring of Jae-hoon Bae as president and chief executive officer (CEO).The CEO recommendation committee led by Korea Development Bank, selected Bae as the final candidate for the next HMM CEO following a comprehensive candidate examination.Before his formal appointment, Bae came to the office to meet HMM’s senior executives and thoroughly checked current and future business conditions for the company.HMM official said in a press statement, “Bae, an expert in logistics who successfully served as CEO of Pantos Logistics for six years…
Hyundai Eyes Samsung, LG Cargo
South Korea’s second-largest container line Hyundai Merchant Marine Co Ltd is in talks with South Korean firms such as home appliance makers Samsung and LG to carry their cargo, Reuters reported quoting the chairman of South Korea's Financial Services Commission. Hanjin Shipping Co Ltd was handling cargo of Samsung Electronics Co Ltd and LG Electronics. Hyundai plans to deploy 13 more vessels to the U.S. and Europe to help ease cargo disruptions after its bigger rival Hanjin's collapse, according to a report in Bloomberg. HMM could acquire some of the distressed assets from Hanjin, including vessels and protecting some jobs, Bloomberg has reported. HMM said it would work with authorities to come up with possible measures, but elaborated no further.
More Hanjin Ships Seized, Box Rates Surge & Shippers Fret
About 10 Hanjin vessels effectively seized at China ports; Court says plans to start rehabilitations proceedings soon. Hanjin Shipping Co Ltd vessels have been seized at Chinese ports in the wake of the South Korean firm's collapse, further roiling the industry as freight rates jump and manufacturers scramble for alternatives. Seeking to contain the fallout, a South Korean court said it would soon begin proceedings to rehabilitate the carrier - which would allow Hanjin to take legal action in other countries to keep its ships and other assets from being seized. Rival Hyundai Merchant Marine will also deploy at least 13 of its ships to two routes exclusively serviced by Hanjin, while the South Korean government also plans to reach out to overseas carriers for help.
Global Fallout from Hanjin Collapse
When Hanjin Shipping, Korea's largest and one of the world’s top ten container carriers, filed filed for court receivership after losing the support of its banks, its assets left frozen as ports from China to Spain denied access to its vessels. The long-term fallout from Hanjin collapse will have far-reaching effects, but the impact is already being felt in ports around the world. Shipping is one of the sectors in which South Korea is a global leader, so what does this recent collapse tell us about world trade? The collapse of Hanjin Shipping sent ripples though global trade on Thursday, as the country's largest port turned away its ships and as some manufacturers scrambled for freight alternatives, says a report in the Reuters.
Seoul Shares End Flat, Shipyards Gains
According to a report from Reuters, Seoul shares ended flat on June 3 due to caution ahead of key U.S. data and a holiday here, with falls in technology stocks like LG Electronics weighing, but modest foreign buying and firm gains in shipyards giving the market support. Source: Reuters
Seoul Shares Rise; STX Shipbuilding Surges
Seoul shares closed 2.3 percent up earlier this week, their biggest daily percentage gain in three weeks, as STX Shipbuilding surged after buying a stake in a Norwegian ship builder, while Apple's strong results boosted tech stocks, according to a Reuters report. STX Shipbuilding Co (067250.KS) surged by the daily limit of 15 percent to $74.17 after it announced the purchase of a 39.2 percent stake in Norway's Aker Yards (AKY.OL) for $800m, a move analysts said underlined its commitment to fast expansion and would bolster networks in Europe. The benchmark Korea Composite Stock Price Index (KOSPI) (.KS11) gained 2.3 percent to 1,947.98, staging a strong rebound a day after slumping 3.4 percent to its lowest close in more than a month.
Seoul Shares Close at New High on Shipbuilding
South Korean stocks hit a fresh closing high Thursday as investors picked up shipbuilding and machinery shares, taking a cue from overnight gains in U.S. markets, analysts said. The South Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.98 points, or 0.94 percent, to 1,615.58. Volume was moderate at 445.7 million shares worth 4.67 trillion won (US$5.03 billion), with winners outpacing losers 544 to 226. Shipbuilders led the gain with top shipyard Hyundai Heavy Industries rising 6.53 percent to 285,500 won. Steel shares gained ground. No. 2 steelmaker Hyundai Steel advanced 2.45 percent to 48,150 won after a local brokerage raised its price estimate for the shares. Tech blue chips traded in negative territory.
