From the Korea Joong Ang Daily:
It was August last year when leading domestic shipper Hanjin Shipping fell into court receivership. A year has passed but Korea’s shipping industry is still struggling to ride out the storm that sunk its biggest player.
After Hanjin’s bankruptcy in February, Hyundai Merchant Marine (HMM) became the top Korean shipper, but its global market share is a mere 1.6 percent. Its share of the local market is dropping as well.
Korean shippers accounted for 34.2 percent of the shipping volume transferred through Busan’s ports last year, down from 38.1 percent
the previous year. During the same period foreign shippers increased their share of the pie from 61.9 percent to 65.8 percent.