Hanjin Shipping Co., Ltd. was a South Korean logistics and container transport company. Hanjin Shipping was South Korea's largest container line and one of the world's top ten container carriers in terms of capacity.
Hanjin was declared bankrupt by South Korean courts on 17 February 2017.[1]
History
Cho Choong Hoon founded the company in November 1945 with a single truck in the port city of Inchon. It provided the U.S. Army with the transportation of material to both Korea and Vietnam. The company signed a major contract with the US 8th Army in November 1956, and another contract in March 1966, with all of the U.S. armed forces in Vietnam, including the Army, Navy, and Air Force. In November 1969, Hanjin made its entry into the containerized shipping business signing a deal with Sea-Land Service, Inc. In September 1970, the company opened its first container yard at the port of Busan.
The late 1970s saw a major push into the Middle East with contracts signed to Kuwait at the port of Shuwaik (September 1977), Saudi Arabia at the port of Dammam (March 1979), and at the port of Jeddah (May 1980). In August 1992, the company started to load and unload cargo at the ports of Long Beach