Hyundai Merchant Marine Hanjin delisting will result in huge losses.
- Author:Tovi Wong
- Source:International Ship Network
- Release Date:2016-06-23
According to the Korea Herald reported that South Korea Shipowners' Association predicted that if Hanjin Shipping and Hyundai Merchant Marine out of the market, will result in 5400 job losses, and led the Korean economy 19.13 billion US dollars in losses. According to the Association calculated that the two owner out of the market will also lead to the port of Busan, Korea is rapidly taking over other global shipping giant. Data show that Busan Port currently ranked the world's fifth largest port container traffic.
Analysts said the Korea Shipowners' Association, in order to prevent the monopoly of Hanjin Shipping and Hyundai Merchant Marine Pusan ??market, the world's major shipping companies in the port of Busan remain Cargo business. If, however, Hanjin Shipping and Hyundai Merchant Marine out of the market, the Maersk Line and other shipping lines will not remain deployed in the container shipping port of Busan. The association also said that given the current South Korean shipping industry is still in a difficult state, smaller shipping companies in this case will bear heavy losses.
The association, taking into account half of the Busan Port cargo handling business is transit cargo, and re-loaded on a ship bound for the next destination. Once the hub of Busan Port lose its importance, then this type of transit freight traffic will also be a sharp decline is expected when the $ 1.12 billion loss Busan will appear.