The collapsed Hanjin Shipping Co Ltd could not compete against global rivals that were supported by their governments, the chairman of its parent firm told a South Korean parliamentary hearing on Tuesday.
“Hanjin Shipping lost the game of chicken played among large shippers,” Hanjin Group chairman Cho Yang-ho told the hearing.
“As a private company, we felt the limit of participating in a dumping war and asked for support, but I failed to convince,” Cho told lawmakers.
The South Korean government has shown no inclination to mount a rescue plan for the carrier.
Cho, 67, did not name any rival shippers. However, carriers from China and Japan, to France and Germany, have received various forms of state support in recent years.
