Hanjin Shipping has had two years of losses and delayed getting financial support from creditors; subsequently its president and CEO Young Min Kim has resigned.
The South Korean company said it has accepted his resignation and is seeking a replacement.
Kim will remain in the position until a replacement is found.
He has been Hanjin Shipping’s president and CEO since January 2009 and his term was to end in March 2015.
Last month the company received a loan of 150 billion won ($141 million) from affiliate Korean Air Lines to help ease a “temporary” liquidity shortage.
Shares have fallen for a fifth day straight for the Seoul-based company.
China’s weak iron-ore demand has caused a slump in cargo rates and global overcapacity, affecting many liners including Hanjin.
In its first half results, Hanjin Shipping reported a 66.1% reduction in its net loss to 115.2 billion won ($107.9 million) compared to 339.6 billion won in the same period a year earlier.
Hanjin Shipping expects transport volume growth for its container business.
The South Korean company said it has accepted his resignation and is seeking a replacement.
Kim will remain in the position until a replacement is found.
He has been Hanjin Shipping’s president and CEO since January 2009 and his term was to end in March 2015.
Last month the company received a loan of 150 billion won ($141 million) from affiliate Korean Air Lines to help ease a “temporary” liquidity shortage.
Shares have fallen for a fifth day straight for the Seoul-based company.
China’s weak iron-ore demand has caused a slump in cargo rates and global overcapacity, affecting many liners including Hanjin.
In its first half results, Hanjin Shipping reported a 66.1% reduction in its net loss to 115.2 billion won ($107.9 million) compared to 339.6 billion won in the same period a year earlier.
Hanjin Shipping expects transport volume growth for its container business.
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