The substructure work for container terminal construction in Stage 1-2 of the Incheon New Port development plan is on track after being launched in May this year. The new container terminal, when completed, will boost Incheon New Port’s capacity to handle containers to five million TEUs in 2030.Inch
The freight space gap between Korea’s HMM, which is the eighth-largest shipper in the world, and the top seven players will widen in the next three to four years, according to the data released by a ruling party lawmaker on Oct. 19.HMM’s deadweight tonnage stood at 840,000 TEUs as of June 2021, acco
The Federation of Korean Industries announced on Oct. 14 that South Korean shipping companies’ freight space totaled 80,583,000 DWT in January last year, seventh-largest in the world with a share of 3.9 percent.Greece came in first, followed by Japan, China, Singapore, Hong Kong and Germany. South K
South Korean President Moon Jae-in remarked on June 29 that the government would help shipping companies increase their ocean-going container ship capacity to at least 1.5 million TEU by 2030 so that South Korea’s shipping sales can reach at least 70 trillion won by that year.According to his plan,
THE Alliance signed a terminal service contract with the Busan New Port on May 18 in order to use Docks 3 and 4.Earlier, 2M signed a terminal service contract with Pusan Newport Co., which runs Dock 2. After the contract, those running Dock 1 (Pusan Newport International Terminal) and Dock 3 (Hanjin
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. Jin Air boasts the highest level of liquidity among domestic LCCs. We expect the firm to play a central role in the merger of KAL and Asiana’s LCC subsidiaries. We upgrade our rating to Buy and raise
Korean plans to take over Asiana Airlines, make it a subsidiary and then launch an integrated airline in 2024.Korean Air has submitted a post-merger integration (PMI) plan for Asiana Airlines to Korea Development Bank, according to the office of Democratic Party lawmaker Park Yong-jin on March 28.Ko
Korean Air has lost tens of billions of won in the hotel business for the fourth consecutive year. The loss-making streak is expected to be extended this year due to the COVID-19 pandemic.The operating loss of the Wilshire Grand Center in Los Angeles rose 42.8 percent on year to 80.3 billion won in
In the aftermath of the COVID-19 pandemic, Korean Air's sales fell 40 percent on year in 2020. But Hanjin Group chairman Cho Won-tae's annual salary rose 40 percent.Cho received a total of 3.098 billion won in salart in 2020, 1.732 billion won from Korean Air and 1.366 billion won from Hanji
People Power Party lawmaker Yoon Doo-hyun remarked on March 14 that 463 Korea Development Bank (KDB) staff members traded more than 20.29 billion won of stocks in the South Korean market last year. The amount almost doubled from the previous year to reach a five-year high. One of them traded 2.7 bil
Hyundai Heavy Industries Group is planning to transfer its LNG ship building technology to the medium-sized shipbuilders including STX Offshore & Shipbuilding and Hanjin Heavy Industries. This is to submit the demonopolization plan to the European Commission, which is conducting a business combinati
Hyundai Motor Group recently made a request to the Korea Fair Trade Commission to change its official head to Chung Eui-sun. Likewise, Hyosung Group sent a request to change its head to Cho Hyun-joon. The cases constitute a natural shift to third-generation ownership as a result of old predecessors’
Incheon Port Authority (IPA) announced on Feb. 25 that the North China Malaysia eXpress (NCX) service was launched on Feb. 24 to connect Korea, China, Singapore and Malaysia.The first ship deployed for the NCX service is XPress Kailash, a container ship registered in Singapore. It entered the Hanjin
Korea Development Bank (KDB) is planning to sell off HMM (formerly known as Hyundai Merchant Marine) to POSCO. KDB, the largest shareholder of HMM, plans to privatize HMM by handing over all of its shares to the steelmaker."KDB recently reported an HMM privatization plan to the Ministry of Strategy
The National Tax Service launched a special tax investigation into Korean Air on Jan. 20.The Seoul Regional Tax Office sent tax investigators to the Korean Air headquarters in Gangseo-gu, Seoul to glean tax and accounting data. The probe was prompted by suspicions of irregularities with regard to th
Korean Air notified the competition authorities of nine countries, including the Korea Fair Trade Commission, of its acquisition of Asiana Airlines on Jan. 14. The same notification is scheduled to be given to seven more countries within this month.Once Hanjin Group acquires Asiana Airlines, its dom
Hanjin International concluded a senior secured loan agreement of up to US$343.8 million in December last year by using the Wilshire Grand Center in LA as collateral. The lead manager is Standard Chartered Bank Korea and an initial loan of US$230 million has been executed. Standard Chartered Bank Ko
Korean Air's shareholders have approved the company's proposal to change its articles of association in order to increase its capital and take over Asiana Airlines.Shareholders with 97,722,790 shares, 55.73 percent of the total shares with voting rights, attended an extraordinary meeting on
Incheon Port Authority (IPA) said on Jan. 4 that the two terminals at Incheon Port, Hanjin Incheon Container Terminal (HJIT) and Sun Kwang Newport Container Terminal (SNCT), each handled more than one million TEUs in 2020 despite the COVID-19 pandemic and the U.S.-China trade conflict.IPA said it wa
The National Pension Service (NPS) announced on Jan. 5 that it has decided to veto Korean Air’s acquisition of Asiana Airlines.“Korean Air made the decision without due diligence and the contract may be disadvantageous for Korean Air with regard to potential contract cancellation attributable to Asi