3 Korean shipping firms face cash crunch
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[SINGAPORE] South Korea's three biggest shipping firms face a cash crunch as three trillion won (S$3.5 billion) of bonds are due for repayment in the next two years amid mounting losses from a global slump in rates to carry cargo.
Hanjin Shipping Co, Hyundai Merchant Marine Co and STX Pan Ocean Co are all forecast to post losses this year for a third consecutive year, further denting the combined 1.5 trillion won of cash and near cash items they had as at the end of June.
The companies need to repay 1.4 trillion won of bonds next year and 1.6 trillion won the year after.
Share with us your feedback on BT's products and services
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
