Hyundai to deploy 13 ships to cover Hanjin Shipping routes

[THE INVESTOR] Hyundai Merchant Marine, the country’s second largest container carrier, plans to deploy 13 ships on the route to the American and European continents to cover for Hanjin Shipping, Korea’s largest shipper that filed for court receivership, South Korea’s top financier regulator said on Sept. 1.

“We will consider ways for the creditors to inject more funds into HMM if needed,” said Yim Jong-yong, chairman of Financial Services Commission, at a meeting with representatives from state-run Korea Development Bank and HMM to discuss measures against the Hanjin Shipping fallout.

HMM, besides injecting 13 new vessels by Sept. 7, will also provide a reasonable shipping rate for local firms that took a hit from Hanjin’s demise, to continue to export their products.

According to reports, Hanjin Shipping accounts for some 40 percent of Samsung Electronics shipment, while 20 percent for LG Electronics.

Hanjin Shipping on Aug. 31 filed for court receivership, after its creditors decided to halt their financial support to the debt-ridden shipper.

By Ahn Sung-mi (sahn@heraldcorp.com)