Hanjin lost 'game of chicken' among global shippers: chairman
The collapsed Hanjin Shipping Co Ltd (117930.KS) could not compete against global rivals that were supported by their governments, the chairman of its parent firm told a parliamentary hearing on Tuesday.
The world's seventh-largest container shipper sought court receivership in late August after its creditors led by a South Korean state bank halted further support, stranding $14 billion in cargo and sending waves through global trade networks.
"Hanjin Shipping lost the game of chicken played among large shippers," Hanjin Group chairman Cho Yang-ho told the hearing.
"As a... read more
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