S.Korea urges swift offloading of Hanjin cargo, to unveil new shipping measures
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- China Oceanwide to Acquire Genworth Financial (GNW) for $2.7B
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
Giant cranes are seen at the Hanjin Shipping container terminal at Incheon New Port in Incheon, South Korea, September 7, 2016. REUTERS/Kim Hong-Ji/File Photo
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
SEOUL (Reuters) - South Korea will announce new measures to bolster the shipping industry in October, finance minister Yoo Il-ho said on Friday, urging the swift unloading of cargo trapped on Hanjin Shipping Co Ltd's <117030.KS> ships.
Around 90 percent of Hanjin's container ships are expected to finish offloading cargo by the end of October, with vessels in close vicinity of Korea returning to ports here, Yoo said during a visit to a port in Busan to assess the Hanjin situation.
"The government will provide help through related ministries and offshore offices while it will also ask the court to help allow Hanjin to use the funds necessary for cargo offloading and to pay offloading fees for ships returning to Korea as a priority," Yoo said.
Some 35 vessels have offloaded cargo as of today, out of a total of 97 Hanjin owned and leased container ships, he added.
(Reporting by Christine Kim and Cynthia Kim; Editing by Lincoln Feast)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- France starts clearing 'jungle' migrant camp in Calais
- Hong Kong judge warns of 'torture' images as British banker's trial begins
- Pakistan's plan to cut disaster risk aims at a new target - schools