Hanjin Shipping Bankruptcy

Korean Hanjin Shipping filed for court receivership first week of September 2016. Hanjin Shipping was set for a windup with assets returned to primary lenders, after state-owned secondary lender Korean Development Bank rejected the restructuring proposal devised by Morgan Stanley on the Korean Hanjin Shipping behalf. After Korean Hanjin Shipping bankruptcy, 30 international banks are said to be exposed with biggest lenders DVB Bank, ING Bank, DNB Bank, HSH Nordbank, Commerzbank and Nord/LB. Unfortunately, these banks will have to take their ships back. Korean taxpayer will not support the shipping sector after all the problems with shipbuilding.