Hanjin Shipping CEO quits as losses raise payment concerns

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One of the first liner shipping bosses to fall on his sword, Hanjin chief executive Kim Young Min has resigned following two successive years of financial losses combined with a failure to restructure the company’s debt. Last month, sister company Korean Air had to lend the container shipping line an emergency $141m to cover a “liquidity shortfall”, and its stock price has fallen 43% this year. Appointed in January 2009, Mr Kim’s contract originally ran until 2015, although he will remain in his position until a replacement is found.