South Korea’s Incheon port has commenced a new regular container service connecting the port directly to the Middle East for the first time, backed by Islamic Republic of Iran Shipping Lines (IRISL).

The South Korean government and central bank have taken action to avert a collapse of the country’s two state-owned banks most exposed to the debt-ridden shipbuilding and shipping companies, reports said.

South Korea’s shipbuilding and shipping segments are reeling from a state of a complete meltdown amid debt restructuring efforts and negative financial results, and the real threat of bankruptcy.

South Korea’s current shipbuilding industry slump, possibly the worse in the country’s history, is forecast to prolong into 2017 in view of continuing sluggish demand for newbuildings, according to Yonhap news citing a report by the Export-Import...

South Korea’s Hanjin Heavy Industries & Construction (HHIC) is set to receive an additional KRW120bn ($103.1m) from its creditors to push on with a restructuring process, reports said.

South Korea’s big three shipyards have been urged by their creditors to carry out their respective restructuring plans as well as come up with additional rescue measures as they struggle with mounting losses, local media Yonhap reported.

Drama in container shipping continues this week with struggling Korean shipping line Hanjin Shipping applying for a creditorled restructuring plan on Friday.

South Korea’s three main shipbuilders are continuing to struggle for survival as the recession in the global shipbuilding market drags on, leading to an almost dearth of new orders so far this year for the Korean yards.

HanJin Incheon Container Terminal (HJIT) at Incheon New Port, South Korea has started operations on Friday, according to Incheon Port Authority (IPA).

South Korea’s SK Shipping has been reportedly investigated by the local authorities for tax evasion, but the company has denied any wrongdoings, the local media reported.