Hanjin, the largest container shipping company in SK has filed for a court receivership. Hanjin has a large cash shortage and has been losing money the past 4 of 5 years. If the biggest and historically most successful company is in trouble, it's often a sign that the entire industry is hurting. It seems the shipping industry is in trouble not just in South Korea but also globally.
Yes, South Korea's shipping industry is in trouble after a major shipping company declared bankruptcy. Not only does this spell bad news for the country, it could affect the rest of the world as the holiday shopping season approaches. Ships already out to sea have been seized to pay the company's debts in some cases; in others, they have been blocked from entering ports. This means that ships are sitting outside ports still loaded with goods like electronics and appliances which they cannot deliver in time for Amazon Prime customers and warehouses for companies that sell them. South Korea's shipping industry will have a hard time recovering from the negative press as well as the economic effects.
Yes, South Korea's shipping industry is showing signs of being embattled. It's time to get new people to oversee this industry. Rules and regulations need to change. The new people need to be well versed in contemporary efficient and ethical practices. With an overhaul, the industry will survive and thrive. But until change happens, the industry is in trouble.
South Korea’s shipping industry brought in revenues of $34.5 of their monies during 2015, some $7.8 behind the 2012 figure and 2016 even more devastation prospects. "Some 52 of the KSA’s member companies reported financial losses during the fiscal year 2015" and with those figures we are looking at trends we are looking at certainty.