The Global Post reports that ‘Hanjin Shipping is South Korea’s No. 1 shipping company, but like others in the industry, it has been weighed down by a drop in global trade triggered by the 2007-2008 global financial crisis, as well as being hurt by inefficient ships and stiff overseas competition.’
Cho Yang-ho, the new head of Hanjin Group, one of South Korea’s leading logistic service conglomerates, said Tuesday that every effort will be made to transform the struggling Hanjin Shipping Co. into a global leader in the seaborne cargo field.
Cho, who was tapped as the new chairman and CEO of the shipping line by the company board earlier in the day, said that the conglomerate will refocus it resources and manpower to help the shipping company overcome its current difficulties.