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Feb 17, 2017 | 10:31 GMT

South Korea: Hanjin Shipping Declared Bankrupt

South Korean giant Hanjin Shipping Co., the world's seventh-largest shipping firm, was officially declared bankrupt by a court in Seoul on Feb. 17, Yonhap reported. The firm was put under court receivership last September. The South Korean shipping sector, one of the country’s staple industries, has been suffocating under the pressure of both global economic factors and competition from China, whose shippers enjoy government support and have undergone rounds of consolidation.
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South Korea: Hanjin Shipping Declared Bankrupt
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