News / New shock for liner shipping as now Hanjin applies for debt restructuring

South Korea’s biggest container line, Hanjin Shipping, today submitted an application to the state-owned Korea Development Bank for a creditor-led debt restructuring programme .

Hanjin thus joins its compatriot, Hyundai Merchant Marine (HMM), in seeking a deal with creditors.

The rapid demise of Hanjin – thought to be in a relatively stronger financial position than HMM – will send further shock waves through the liner industry, and could have severe repercussions for the owners of its leased containerships who will fear charter defaults.

The industry is now trapped ...