Jangyoung stops serving in Korea and Japan trade

Jangyoung shipping, having encountered serious financial difficulties, is now under court receivership, and has stopped its Korea and Japan trade service as of May 15.

According to rumors from it credit banks are in the process of seizing vessels from companies in order to make good on outstanding debts, and Jangyoung shipping is among those offected To date the banks have not taken action, though other creditors have actually seized three vessels As such, the company stopped operating all of its vessels as of May 10.

Until now, Jangyoung shipping has had 10 vessels, 2 liners and 8 tramper vessels. All of these vessels are in the outer harbor in the Port of Pusan, and so far, three of them have been seized by creditors.

The Korea Industrial Bank was underway to seize the vessels from Jangyoung shipping because of overdue debts, and KAMCO (Korea Asset Management Corporation) also served notice that it would be seizing and selling Jangyoung vessels.

Service stops were reported to the court because Jangyoung is under court receivership. Though some insisted on the court ordering Jangyoung shipping to stop operating vessels, Jangyoung did not confirm this.

Jangyoung shipping revealed, "we aren't saying anything right now, as we are in the process of persuading creditors to allow for normal service."

Jangyoung shipping has operated two vessels in two services, Pusan / Moji and Pusan / Hososhima, as well as covering all Japanese ports with its 8 tramper vessels.