Hanjin, Hyundai shippers swing to losses in Q1
May 16, 2016
South Korea's two largest container carriers posted massive losses in the first quarter, hard hit by plummeting freight rates, the already-troubled firms said Monday. Both Hanjin Shipping Co. and Hyundai Merchant Marine Co. are struggling to stay afloat amid a drawn-out slump in the global industry. They have sought creditors' help to buy time for self-restructuring programs and avoid court receivership. Hanjin, the bigger shipper by revenue, said in a regulatory filing that it swung to a net lo