Hanjin

Last updated
Hanjin
Native name
한진
Private
IndustryConglomerate
Founded1945;74 years ago (1945)
Headquarters Seoul, South Korea
Key people
Cho yang-ho
(CEO and Chairman)
Subsidiaries Korean Air (KRX: 003490)
Hanjin Shipping (KRX: 117930)
Website hanjin.co.kr

The Hanjin Group (Hangul : 한진 그룹; Hanja : 韓進 그룹; RR : Hanjin Geurup) is a South Korean conglomerate, or chaebol . The group is a holding company that includes a shipping company, Hanjin Shipping (including Hanjin Logistics), and Korean Air (KAL), which was acquired in 1969.

Hangul Native alphabet of the Korean language

The Korean alphabet, known as Hangul, has been used to write the Korean language since its creation in the 15th century by King Sejong the Great. It may also be written as Hangeul following the standard Romanization.

Hanja Korean language characters of Chinese origin

Hanja is the Korean name for Chinese characters. More specifically, it refers to those Chinese characters borrowed from Chinese and incorporated into the Korean language with Korean pronunciation. Hanja-mal or Hanja-eo refers to words that can be written with Hanja, and hanmun refers to Classical Chinese writing, although "Hanja" is sometimes used loosely to encompass these other concepts. Because Hanja never underwent major reform, they are almost entirely identical to traditional Chinese and kyūjitai characters, though the stroke orders for some characters are slightly different. For example, the characters and are written as 敎 and 硏. Only a small number of Hanja characters are modified or unique to Korean. By contrast, many of the Chinese characters currently in use in Japan and Mainland China have been simplified, and contain fewer strokes than the corresponding Hanja characters.

Revised Romanization of Korean Korean language romanization system

The Revised Romanization of Korean is the official Korean language romanization system in South Korea proclaimed by the Ministry of Culture and Tourism to replace the older McCune–Reischauer system. The new system eliminates diacritics and apostrophes in favor of digraphs.

Contents

History

Korean Air/Hanjin Office in Minato, Tokyo, Japan as seen from the Tokyo Tower KoreanAirOfficeInTokyo.jpg
Korean Air/Hanjin Office in Minato, Tokyo, Japan as seen from the Tokyo Tower

Hanjin started at the end of World War II, in November 1945. Early on, its biggest customer was the U.S. Army, providing 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.

World War II 1939–1945 global war

World War II, also known as the Second World War, was a global war that lasted from 1939 to 1945. The vast majority of the world's countries—including all the great powers—eventually formed two opposing military alliances: the Allies and the Axis. A state of total war emerged, directly involving more than 100 million people from over 30 countries. The major participants threw their entire economic, industrial, and scientific capabilities behind the war effort, blurring the distinction between civilian and military resources. World War II was the deadliest conflict in human history, marked by 50 to 85 million fatalities, most of whom were civilians in the Soviet Union and China. It included massacres, the genocide of the Holocaust, strategic bombing, premeditated death from starvation and disease, and the only use of nuclear weapons in war.

Vietnam Country in Southeast Asia

Vietnam, officially the Socialist Republic of Vietnam, is the easternmost country on the Indochina Peninsula. With an estimated 94.6 million inhabitants as of 2016, it is the 15th most populous country in the world. Vietnam is bordered by China to the north, Laos and Cambodia to the west, part of Thailand to the southwest, and the Philippines, Malaysia, and Indonesia across the South China Sea to the east and southeast. Its capital city has been Hanoi since the reunification of North and South Vietnam in 1976, while its most populous city is Ho Chi Minh City.

Busan Metropolitan City in Yeongnam, South Korea

Busan, formerly known as Pusan and now officially Busan Metropolitan City, is South Korea's second most-populous city after Seoul, with a population of over 3.5 million inhabitants. It is the economic, cultural and educational center of southeastern Korea, with its port—Korea's busiest and the 9th-busiest in the world—only about 120 miles (190 km) from the Japanese islands of Kyushu and Honshu. The surrounding "Southeast Economic Zone" is now South Korea's largest industrial area.

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).

Middle East region that encompasses Western Asia and Egypt

The Middle East is a transcontinental region centered on Western Asia, Turkey, and Egypt. Saudi Arabia is geographically the largest Middle Eastern nation while Bahrain is the smallest. The corresponding adjective is Middle Eastern and the derived noun is Middle Easterner. The term has come into wider usage as a replacement of the term Near East beginning in the early 20th century.

Kuwait Country in Western Asia

Kuwait, officially the State of Kuwait, is a country in Western Asia. Situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, it shares borders with Iraq and Saudi Arabia. As of 2016, Kuwait has a population of 4.5 million people: 1.3 million are Kuwaitis and 3.2 million are expatriates. Expatriates account for 70% of the population.

Saudi Arabia Country in Western Asia

Saudi Arabia, officially the Kingdom of Saudi Arabia, is a country in Western Asia constituting the bulk of the Arabian Peninsula. With a land area of approximately 2,150,000 km2 (830,000 sq mi), Saudi Arabia is geographically the largest sovereign state in the Middle East, the second-largest in the Arab world, the fifth-largest in Asia, and the 12th-largest in the world. Saudi Arabia is bordered by Jordan and Iraq to the north, Kuwait to the northeast, Qatar, Bahrain, and the United Arab Emirates to the east, Oman to the southeast and Yemen to the south; it is separated from Israel and Egypt by the Gulf of Aqaba. It is the only nation with both a Red Sea coast and a Persian Gulf coast, and most of its terrain consists of arid desert, lowland and mountains. As of October 2018, the Saudi economy was the largest in the Middle East and the 18th largest in the world. Saudi Arabia also enjoys one of the world's youngest populations; 50% of its 33.4 million people are under 25 years old.

In March 1990, Hanjin branched out into trucking and warehousing with the purchase of Korea Freight Transport Company. In June 1992, Hanjin Express was introduced to deliver small packages and provide courier service. The company started to load and unload cargo at the ports of Long Beach and Seattle with the joint venture Total Terminals International LLC., in August 1992. In January 1993, they initiated container rail service between Pusan and Uiwang. In May 1995, Hanjin hauled grain to North Korea. The Hanjin-Senator once was the seventh largest container transportation and shipping company in the world (operations ceased February 2009).

Long Beach, California City in California, United States

Long Beach is a city on the Pacific Coast of the United States, within the Los Angeles metropolitan area of Southern California. As of 2010, its population was 462,257. It is the 39th most populous city in the United States and the 7th most populous in California. Long Beach is the second-largest city in the Los Angeles metropolitan area and the third largest in Southern California behind Los Angeles and San Diego. Long Beach is a charter city.

Seattle City in Washington, United States

Seattle is a seaport city on the West Coast of the United States. It is the seat of King County, Washington. With an estimated 730,000 residents as of 2018, Seattle is the largest city in both the state of Washington and the Pacific Northwest region of North America. According to U.S. Census data released in 2018, the Seattle metropolitan area’s population stands at 3.87 million, and ranks as the 15th largest in the United States. In July 2013, it was the fastest-growing major city in the United States and remained in the Top 5 in May 2015 with an annual growth rate of 2.1%. In July 2016, Seattle was again the fastest-growing major U.S. city, with a 3.1% annual growth rate. Seattle is the northernmost large city in the United States.

Uiwang Municipal City in Sudogwon, South Korea

Uiwang is a city in Gyeonggi Province, South Korea. It is one of many satellite cities that ring Seoul, making up the Seoul National Capital Area. Its largest immediate urban neighbor is Anyang. The low peaks of the Gwangju Mountains shape the local landscape.

After Hanjin's founder, Cho Choong-hoon, died in 2002, his eldest son, Cho Yang-ho, inherited KAL, when his third son, Cho Soo-ho, was handed Hanjin Shipping. [1] Cho Soo-ho died from lung cancer in 2006 and his widow, Choi Eun-young, became the chairwoman of Hanjin Shipping in the following year. [1] KAL acquired 33.2 percent of Hanjin Shipping in June 2014. [1]

On August 31, 2016, Hanjin Shipping filed for bankruptcy. Hanjin Shipping's creditors withdrew their support after deeming a funding plan by parent company Hanjin inadequate. [2] [3]

Listed subsidiaries

Other subsidiaries

Hanjin Spain passing Hamburg Hanjin Spain (7892310174).jpg
Hanjin Spain passing Hamburg
A Korean Air Boeing 777 landing at Vancouver International Airport Korean-Air-777-2B5-ER-YVR.jpg
A Korean Air Boeing 777 landing at Vancouver International Airport

See also

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Port of Yingkou

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References

  1. 1 2 3 Kim, Jaewon (Nov 13, 2016). "Korean Air Lines faces turbulence from its founding family". The Financial Times. Retrieved 27 February 2017.
  2. Paris, Costas; Nam, In-Soo (31 August 2016). "Move by South Korea's Hanjin Shipping Roils Global Trade" via www.wsj.com.
  3. [ dead link ]