Korea’s shipping industry has been beset this year by high oil prices, pirate attacks and a lack of shipping capacity.
Adding to the problems, the operating profits of the top three shippers in Korea – Hanjin Shipping, Hyundai Merchant Marine and STX Pan Ocean – turned to losses in the first quarter.
Hanjin is the only Korean company included among the top 10 global shippers – ranked ninth. Hyundai and STX ranked well outside, coming in 18th and 30th, respectively.