What Happened to Korea's Biggest Shipping Line?

In 2016, Hanjin Shipping, Korea's biggest container shipping line, abruptly filed for reorganization.
The company had once been the country's pride and joy - a worthy sibling alongside flagship carrier Korean Air.
The unexpected insolvency roiled the markets and caused global chaos in the shipping industry.
Once they had been the fourth biggest container line in the world. In 2016, they had 97 ships and called on 90 different ports in over 35 countries around the world.
But the company sailed into troubled waters after the Global Financial Crisis. Freight rates crashed through the floor, and the company vanished underneath the waves.
Links:
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Patreon: / asianometry

[@Asianometry]

Check out the Company Profiles playlist for more videos: kzbin.info/aero/PLKtxx9TnH76Qod2z94xcDNV95_ItzIM-S

[@daljitsrkg]

LOVE your content! Please make a video about Metaverse its impact on society, new opportunities, and your views on early investing in companies as roblox, fb or nvidia. Also it would be interesting on discusing the impact of metaverse in the semicoductor industry. Thanks!

[@clocktower1164]

You seem to have lost your oomph, dude ! The writing doesn't excite anyone and the 'reader' sounds soul-less.

[@dharanidharanm9795]

Improve audio quality. Voice very low

[@sw36jl]

Could you do a video explaining COSCO (Chinese Shipping Company), it seems to be the only massive shipping company in China, or maybe it's made up of many companies, I am not too sure. Also, I heard it is growing a lot. Is it an efficient SOE, or is its growth on debt and government subsidies?

[@hpdpco6634]

What happened to your audio? It is so weak.

[@bgshin2879]

One critical factor was the succession plan. The heir of the business died young hence his wife took over the business. The wife had no commercial experience nor the will to make rational decisions. She relied on a handful of trusted advisors who were largely with vested interests (later some if not all were prosecuted for embezzlement). She refused to work with the authorities for a bailout which included diluting her share or relinquishing it entirely. Her irrational stance was partly due to other families having a large shareholdings which will push her down from being the largest shareholder. It is little unfair to say the government decided not to bail it out as if it was a political decision. It was more to do with the majority shareholder who were too greedy and had no business acumen to lead such business.

[@fajardiniarikamil2712]

Ah...yes family a wonderfull recipe for disaster

[@Undecided_]

Reads like a horrible kdrama Korean Chaebols really rather die with their shares than live with a bailout. Weird as hell

[@johnnykwon8173]

Maybe the oil spill in SF Bay had something to do with their unfavorable outcome?

[@PropaneWP]

Nepotism fails again

[@christngouf2251]

So she didn't assess where she was and took a side.

[@badcam70]

Working for DHL so i remember this , it was a total mayhem chaos when customers tried to get us to help them with containers locked to Hanjin.

[@lc9245]

3 years before the golden age of shipping. Imagine the profits they missed out on when the pandemic hits and shipping demand exploded.

[@mdtanveerhasan1453]

Sad

[@LostSnipeHunter]

I think this glosses over the Daewoo collapse, the various massive accounting scandals, and other industry stressors (the overall Korea shipbuilding and shipping industry that had exploded to a ridiculous percentage of the economy) that basically sucked all of the oxygen from any room where a bailout could really be discussed. Where Neptune-Orient exhausted the willingness of the government to pay into the company the Korea maritime industry did the same but Hanjin paid the main price because it was the first "No" the industry heard. Also the fact that HHM existed to absorb the remains but also keep it within the nation (vs Germany, Denmark, or France basically each having one main shipper each) would be another major factor. Falling from 2 major to 1 is psychologically (and thus politically) different than going from 1 to 0.

[@MrMakabar]

Germany had Hamburg Süd, but TUI the then owners of Hapag Lloyd wanted to sell, to concentrate on its toruism assets. TUI itself is the former Preussag, which had a lot of industrial assets(they were found as a privitaziation of Prussian mining companies). Basicly the German government stepped in as Hapag Lloyd was a solid buinsess and offered a loan to make sure the sell goes through. Hapag Lloyd never used the line of credit. They managed to place $500million of bonds in 2009, that made the line of credit unnecessary.

[@donaldkasper8346]

As manufacturing moved on to China, Japan and Korea industries stalled. They covered up the decline of their industries through accounting fraud. It was not that they were corrupt, they were trying to keep their empires alive, and fraud, tax cheating and other mechanisms all came in to play to try to save them.

[@donaldkasper8346]

As trade was lost to China, the big companies began lost revenue coverups to stay financially afloat. It was not apparent fraud for greed's sake.

[@elliot7452]

Very informative and polished content, i look forward to the next video.

[@donaldwhitted4214]

I remember hanjin/ senator lines in global terminal jersey city.nj. waste paper I drove for used lots of 40ft of both lines. Many days waiting to get empty hanjin / senator/ 40 ft that was coming in line had any one ground Also use have hanjin in berth 80 and sealand terminal. Port nj.

[@djnavari]

Great video on the challenges of Container Shipping Industry

[@TheWoodstock2009]

Quick correction: the founder of SeaLand did not invent standardized shipping containers, he was just the one who started using 20 and 40 feet as standard sizes and eventually those became industry standards.

[@sw36jl]

Surprised (or maybe not surprised) to find you here. I watch your videos often.

[@TheWoodstock2009]

@@sw36jl hello :) asianometry good channel too so yeah

[@GameFuMaster]

I would assume most "standard" things are just things that get widely adopted. Like how the world has generally adopted metric to be the measuring standard, while American still uses imperial.

[@FelonyVideos]

Isn't that the same thing?

[@John77Doe]

A shipping container is basically the trailer part of a tractor trailer without wheels. The length of the trailer is determined by the safe turning radius of the load which is dictacted by physics and hence pretty much internationally uniform. 😁😁😁

[@민종92]

한국인으로써 한진해운의 파산에 대해 가장 잘 알려준 영상 같습니다. 감사합니다 As a Korean, it seems to be the best video to tell you about Hanjin Shipping's bankruptcy. thank you.

[@donaldkasper8346]

The other items that you omitted was the increasing size of ships over time to reduce costs. Over time, smaller ships were not competitive with larger ships. You also omitted several oil price shocks, which drove up the cost of shipping. You also omitted the shift of global manufacturing briefly in Japan and Korea, moving to China, leaving those large country industries stranded with higher operating costs, mainly higher labor costs.

[@alexaisarose]

So interesting, as I was a Hanjin employee when they went bankrupt in 2016! Nice coverage!

[@zohaibrizvi3604]

Where are you working now

[@friendlychemist5587]

@@zohaibrizvi3604 Maersk..

[@zohaibrizvi3604]

@@friendlychemist5587 share your contact details

[@friendlychemist5587]

@@zohaibrizvi3604 why should i share my contact details with you? I dont even know who you are.

[@zohaibrizvi3604]

@@friendlychemist5587 i was a part of hanjin in Pakistan may be you dont remember me

[@MsEverAfterings]

Done a bit of reading into the fall of Hanjin Shipping for my uni homework, and what I can remember was mismanagement, nepotism and chaebol-ism.

[@millerscorner2]

Those last three items will cause the fall of any business and it happens all of the time. In fact, we see it happening in the CCP. Xi recently rid the CCP of a LOT of corrupt politicians and 120 top generals. Xi, Trump and Putin are all working together in a fight against the Cabal in all three countries...the battle between good vs evil.

[@johnnypham2850]

@@millerscorner2 Xi is NOT

[@njpho]

I still have my DVD copy of their attempt at a commercial with the tagline “your choice, your success” . 2007 they tried to do a major revamp of their US customer service team on top of changing contract formats, bunker clauses, and got bedazzled by CRM systems

[@dewittbourchier7169]

The biggest problem with government bailouts is that they would be a lot more effective if one of the conditions was a cleaning out of the company's top leadership (and no golden parachutes) it would mean that peoples jobs could be saved and those responsible would be held accountable instead of hundreds if not thousands losing their jobs and the executives keeping theirs.

[@blackwingz55]

Then those on top will never take the bailout. Since they are the one who decide if or not to take the bailout.

[@dewittbourchier7169]

@@blackwingz55 True enough. Particularly as companies that need a HUGE bailout are usually run by the most venal and self-serving types of executives.

[@Renwoxing13]

@@dewittbourchier7169 how old r u? If you still don’t realize that the rich&elite are worth more as a single individual then 10,000 workers then idk what to tell you. As it is said “all people are created equal, but some are more equal then others!” I am not saying it is fair, or even necessarily 100% true, I am however saying that it is indeed the reality we reside in!

[@lzh4950]

Well in S Korea the economy is quite reliant on these family-led conglomerates & their leadership though e.g. there've been petitions for Samsung's CEO to be pardoned from prison after he was convicted of bribery, as people believed he'd be able to negotiate for more vaccines to be sold to S Korea (& probably help manage its relations with the USA e.g. with the building of a new factory in Texas)

[@therealscot2491]

That's what bankruptcy does.

[@willienolegs8928]

Great insight into the shipping companies.

[@TheBelrick]

Wikipedia is an Enemy military organisation. Its purpose is disinformation.

[@mm00000]

Wikipedia is a military organisation. 🪖 That's a good one.

[@markarca6360]

Fact: Hanjin Shipping's sister company, HHIC (Hanjin Heavy Industries Inc.) went bankrupt like its sister company. It has shipyard facility in Subic Bay, Philippines. Since the facility's closure, there are companies aiming to use the facilities.

[@culbinator]

Dude I love your content. I’m learning so much

[@drworm47]

I really appreciate your content. Thank you.

[@aconsideredmoment]

Charlie Munger offers sage advice to investors: study/know the history of capitalism in order to understand investments in the context of long-term cycles. Your presentation through the Case Study of Hanjin Shipping is timely and does a great job explaining, in context, current events we are experiencing in global supply chains. Ports and shipping seems to be the bottlenecks. The response is both slow (due to capital) and delayed. Thank you!

[@edwinleexm]

Can you elaborate more on Munger's statement? I don't understand too well the implications he is trying to get across

[@terencegreen3399]

100%

[@hellopinkham]

thank you for subtitles. and for the great content

[@xxxxxx-tq4mw]

I remember SeaLand from when i was stationed at the port of Pusan(Busan) pier #3 from 01/1969 - 02/1970 attached to a U.S. Army Transportation battalion (terminal service). It’s a trip to see the modern bustling, 2022 city of Busan, compared to when I was there when South Korea was still recovering from the war.

[@ckye736]

@BG Shin sounds about right.FYIO: wife and daughters attitude somewhat resembled that of Cinderella’s stepmother and daughters. No surprise to many.

[@joshuajwars4271]

1 of the actresses Claudia Kim who came from Seoul, Southern Korea played 2 characters in exchange Hollywood movies Helen Cho in Avengers 2 Guardians Against Ultron and as Nagini a woman with blood curse later snake in Fantastic Beasts 2 - Crimes of Gellert Grindelwald set in 1927 and in Harry Potter set sometime around 1994 - 1998.

[@Yukikazehalo]

It's a fascinating story, i traveled on the Hanjin Copenhagen in June of 2015 from Shanghai to Seattle as a passenger and it was a wonderful experience. The ship was aging but the crew kept great care of her. Unfortunately there was already talk among the officers (Eastern Europeans) of being replaced in the near future by cheaper Chinese officers and African crews which was starting to bring down company morale.

[@weldmachine]

What a surprise ?? A company trying their best to cut cost to increase profits 🙄

[@madsam0320]

What nonsense, most of the sailors are Indians and Filipinos, there were some Taiwanese officers in Evergreen but they were also been replaced by the Japanese ship owners resulting in several accidents like the one struck in Suez Canal that was crewed entirely by Indians.

[@Yukikazehalo]

@@madsam0320 the sailors were Filipino while the offficers were from Ukraine and Poland.

[@leexingha]

haters gonna hate

[@madsam0320]

Evergiven, the container ship struck in the Suez canal was entirely crewed by Indians.

[@hyphen2612]

Actually I think it's for the better. Short term wise Korea had to endure the pain of taking apart a giant corporation, but long term wise it actually made the entire Korean shipping industry more robust.

[@ah244895]

Love this channel. Not sure why! But it is very well done.

[@MsEverAfterings]

In 2013, another Korean shipping company filed for bankruptcy and had to restructure as well, STX Pan Ocean.

[@ShannaNL]

Nobody liked dealing with Hanjin. Nor with Maersk. They demand the sky, yet pay little and mostly late. No logistics company deals with either unless they are struck for money. So byebye Hanjin. You won't be missed.

[@plwn6468]

An eye opener ! Never thought that the shipping business was so fragile.

[@larrylava9356]

Reliable source. Thanks

[@GeorgeMonet]

Acquisition isn't actually expanding to meet higher demand. All you are doing is changing the name on registry while the total number of cargo ships and total amount of cargo that can be transported remains completely unchanged.

[@hoangle2483]

yeah, adding to your point, it sounds more like consolidation of power/ monopoly than anything else.

[@Mr-hn2bp]

Cost cutting in reducing redundancy and revenue building in having better bargaining power are achieved.

[@brian5606]

Fantastic Video . . . Very informative

[@mchobo]

I would love a nutrage video. It's absolutely hilarious how a trivial incident would blow up in Korean Air's face. Love your content!

[@superteckmp]

Thank you for the explanation ! Loved it

[@calalos]

The most important part of this video is that it shows how political connections can make you hyper rich. The government started to give away money to shipping companies just one year after this company creation, the gave the lucrative US - west coast shipping lines to this and just another one. This reeks of corruption on a very high level.

[@hessanscounty3592]

Many of the chaebols had similar starts and support in their early years.

[@viscountalpha]

You don't say. I'm shocked, Shocked! That there's a link like this. /s

[@camd6102]

Corporate welfare is nothing new. Even when they're profitable for many years, the government subsides keep on rolling in. They call it capitalism. It's only welfare or socialism or communism when it goes to low to middle income individuals.

[@millerscorner2]

The LOVE of money is the root (source) of ALL Evil.

[@lzh4950]

@@hessanscounty3592 Because S Korea's government wanted to grow the conglomerates so that they'd be big enough to be "national champions" with s significant international presence also I think (which can be a source of national pride too)

[@andrejmucic5003]

You are logical in your conclusion. Nice! Respect!

[@leeblay1489]

I have always been fascinated with transportation technology and the history of transportation. Thanks for your video ❤

[@hemaccabe4292]

Very educational. Thank you.

[@LawatheMEid]

Bless your efforts.

[@srdjanmikicic]

Amazing breakdown, thank you.

[@albertouranga1394]

Another excelent video! Congrats

[@GRANDMASTER3D]

MORE VOLUME BROTHER!

[@GodofKings-Raj]

All videos are extraordinary

[@dafyddthomas7299]

Excellent and enjoyable video

[@concept5631]

As an Amurican, we really need a channel like this but for Latin America.

[@zhihaowee1618]

Good coverage on the shipping industry! You mentioned ship scraping a few times in the video. Suggest you can also do a video on the ship scrapping industry and uncover some little know secrets which is contributing to environmental & safety issues. More than 95% of ships are break in west asia by laborers and how sometimes new ships were send for scrapping before it past its useful life.

[@alcyonecrucis]

I didn’t know! I still see Hanjin containers around !

[@Mr-hn2bp]

You can see a dozen brands of containers on a single ship. However, the SHIP is history.

[@aitor9185]

Great video as always! Would really like to see your take on the growing graphene industry. I just saw that Graphenea (a Basque company close to my home) has launched foundry services for prototyping and comercialisation, sounds like they are replicating the semiconductor industry for graphene based products (sensors and such). Are the semiconductor giants already in the graphene business? Is the market too small yet? Cheers!

[@lelouch9609]

Video on adani ports🙋

[@wngimageanddesign9546]

The audio is too low in this video.

[@Dom-zx3lg]

You should make a video on how Covid-19 saved PIL and shipping in general!

[@TerminatoR99]

Love your channel :-)

[@mukuldave7767]

Shipping has suffered a lot in last 20 years due to stringent norms for Human resources, Environment, Logistics, etc. And Hanjin shipping is cause of above all plus Maintaining the ship, Owing it's jetties and financial needs etc. Best would had 1. Allow these ships to be coastal on Various countries shipping owner contract 2. Allow these ships be converted as POWER HOUSE TO SUPPLY POWER TO NEAREST TOWN BY WIND, SEA WAVE, INCINERATION, ETC 3. Allow these ships be store house at Anchorage point to receive to and fro cargo at either no jetty or low draft ports 4. Allow these ships be converted to Resort at various parts of coastal of any country 5. Allow these ships be a fresh water supplier by Desalination method using solar power, wind power to dry to dry region of various countries Many uses could be done, but it is observed Ship owner feels a ship is white elephant and better be scrapped rather be as burden. Many people shall surely get jobs, and boost various small business if the ship's are being used like these.

[@carlob517]

Interesting ideas , are there Any examples happening currently?

[@ericmunene8521]

I wish the whole of KZbin was like this

[@blanchjoe1481]

"...we have involved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the working of which we do not understand...". M. Keynes (1930) The decision to let a business "fail" and bare the brunt of its own mistakes was a viable economic theory when the vast majority of businesses were small, and family owned. The emergence of Multi-National Mega Corporations that rival the finances of Nation States has forced the inspection of this concept. Is it better from a larger social position ( how does that decision effect the people ) to let a mega-corp fail, or is it better to bail it out? No one has actually answered this question? Should entities that society have become so dependent upon, be privately owned, and if so, should they be loosely ore highly regulated?

[@arnepianocanada]

Watching after the Daewoo episode: again, your colorful descriptions - and here a sense of you talking to us as a friendly advisor - elevate the post with a human-centred spin.

[@justcommenting4981]

You should try to better match your audio to the volume of the ads.

[@kerotan3582]

Fascinating stuff!

[@kif8522]

“These three options all suck in their own way.” The delivery of that line had me giggling.

[@wojciechszymanowski]

Please do something about audio volume, can barely hear anything on max setting and a bt speaker.

[@StephenRayner]

This channel and China update are so solid for content

[@anestacom]

I think the mic volume setting is out on this video

[@Greenman5582]

13:32 in awe at the size of this lad 18,000 plus units!

[@GeekBoyMN]

I had no idea the shipping industry in general was so volatile.

[@carlob517]

Enjoyed the video , great idea to shoot newspaper & wikipedia stuff which can be read once paused , nut rage was ridiculous , stupid person served 5 months detention lol, believe you made a great point about business expenses at the wrong time , risk is always present in life & business

[@Stroporez]

Why wouldn't government do equity buy-in instead of a loan? It would not look as bad in public's eyes I think.

[@ZeZeBatata69]

Because being part-owner of sinking turd is even a worse liability than not getting the money back,

[@profdc9501]

Making the public a shareholder and your elected officials voting members of private companies can have some seriously bad consequences. It would turn the revolving door of government into a conveyor belt into board rooms. It looks like Hanjin's predicament was the result of bad leadership as much as macroeconomic factors, and while the workers suffered, it would have been throwing good money after bad.

[@dk418]

Equity buy-in is more costly for the tax payers. At least the loan with restructuring provides senior capital with seniority in liquidity event and gets to decide the company fate during insolvency - most importantly you are not entirely bailing out the bad operators who are holding equity stakes. Equity buyin brings in public money at the same level of company owners, and it's even worse in the eye of the public. When the US bailed out AIG with equity money in 2008, all the senior executives at AIG still got near full bonus that year, creating a huge uproar. That's what can happen.

[@Stroporez]

@@dk418 Thank you, for this highly educational answer on this complex topic.

[@2Phast4Rocket]

This video shows that no company is too big too fail.

[@12345wwww]

Seems like political in-fighting caused the downfall. The State saw it, and wisely kept away. Thank you for the video.

[@DemPilafian]

Macadamia nuts caused the downfall.

[@ryanchen4921]

You should do Evergreen Group

[@kamal242bahamasra6]

I love the video but maybe make it louder please 🥺

[@markrowland1366]

Sealand bought the container business off three Norwegian shippers who failed with containers. They had introduced them in the late 1950s. At the time several systems were vying for leadership. The wildly congested ports of South Vietnam were perfect. The empty returns were offered to Japanese manufactures, cheap, along with surplus aircraft carriers as vehicle transports. The world quickly changed. 5600 container ships are working now.

[@gallasebiyo4427]

You should do a video on the fall of HTC

[@thetruthseeker5448]

The volume of this video is very low. I had rely on subtitles. Make it louder so we can bring it down but cant do it the other way around unless one has an dedicated amp

[@richmargin6082]

The govt should have bailed them out but in return, nationalized the industry so that tax payers would own the company.

[@hoangle2483]

but the management aka the screaming lady's family still manage the company though. I also suspect conflict of interests. Government and competitors didnt like Hanjin for a long time and only wait for the right moment to strike and destroy the company.

[@ChadSimplicio]

Hanjin once had a terminal at the Ports of Los Angeles & Long Beach. I don't know who owns that part of the ports now.

[@lolongo]

Great stuff, but I can’t find any sources corroborating that Maersk borrowed $6bn in 2011 from the government. I see only mentions of a $500m government loan in 2009.

[@texasslingleadsomtingwong8751]

I'm wondering if South Korea's government was having major financial issues from Deiwoo bailouts, etc. It sounds almost like the government was terrified of printing more money. If that was an issue then they were in a catch 22 to some extent. I bet , if they could do it over they would have bailed out Hanjin .

[@johnnykwon8173]

I’m concerned that with the involvement of IMF, court receivership, and the strict stipulations imposed upon HJ, there is evidence of foul play. So basically, all these metrics point one way. People came in with bad intentions, feel slighted that perhaps they were overlooked for such lucrative options, then dismantle the company by unscrupulous dealings. If this scenario were to play out say in a individual bankruptcy proceeding, similar conditions would be in effect. The only defense would be conservatorship through guardian and that too can be a real disappointment for they have their own criteria that must be met. It’s insolvency through capital manipulation imo. I don’t think the nut incident helped matters any either with winning over public sentiment.

[@anthonymarquez2542]

The IMF never really helps, the conditions they impose always makes things worse.

[@johnnykwon8173]

I really don’t care to criticize the only game in town, I can’t believe their intent is to make things worse. It just so happens that when at the mercy of others, people tend to capitalize on it with not much concern for the outcomes of those they wield a high degree of power over. People reference Sri Lanka and Africa in relation to China. They are demonstrating what was done to them in some sense. What good is the idle port of Sri Lanka if there are no heavy transports?

[@kiresedivaneb]

@@johnnykwon8173 There is evidence of foul play and political corruption in the rise of Hanjin. The goal of the IMF in their negotiations with ROK was to root out cronyism in the economy and lower debt to acceptable levels. HJ's insolvency was brought on by the family's inability to accept reforms and properly restructure their business. Before then management was completely dependent on subsidies and cheap government loans to continually expand their business, there was little growth outside of financing and acquisitions. Despite being cutoff by the IMF negotiation they continued to grow their business by accumulating more debt. Without government assistance they were exposed to a higher cost of debt and their strategy failed. When they sold assets to third parties to lease back to HJ via charter agreements they were gifting stripped profits to their close associates - that is when the real liquidation happened. If the family and its management wanted to save the company they would have paid down debt by diluting their equity share and raising equity from capital markets in 1997. Instead they opted to manipulate their debt:asset ratio via charter agreements to keep themselves and their associates compensated: ultimately trading long term stability for short term profits. IMF and WorldBank sometimes produces bad outcomes in order to restore financial order and fair capital markets but they cannot be to blame here. HJ failed in a very similar way to Daewoo (funding new enterprises with cheap government loans) and clearly did not learn their lesson as they continued on with cronyism as the economy and country was in the midst of reform.

[@johnnykwon8173]

@@kiresedivaneb @kiresedivaneb I tend not to use the word blame although I can see by the one sided analysis that is exactly the intent. Again I reiterate that their lending capacity, IMF, World Bank, is not something I can necessarily criticize as they helped achieve perhaps the best possible results. I can't necessarily criticize the archetype hierarchies of ROK conglomerates either. That is simply how they operate in the context given. The opinion that their operating code of conduct is what led to their failure is disproved in your dissenting opinion. I say that the goal to uproot cronyism is not the function of a capital lender and should have no bearing as to the success or failure of HJ. Sometimes in ascribing blame I tend to use the sentiment that there ought to be equal share, equal responsibility in bad outcomes. But that is in a ideal scenario. The IMF, World Bank, are beyond too big to fail and as such, much like you, I can't back down from my own dissenting opinion.

[@abcddef2112]

Yeah look at IMF dealing with Indonesia. The leader: Michel Camdessus, even boast that they engineer an economic disaster to collapse the government of Indonesia.

[@temptemp563]

Epic!

[@maximme]

IMF and debt burden. Great and honest video.

[@ronaldlogan3525]

Wasn't Cho the guy that ended up with Colonel Blakes American made Solid Oak Desk ? (M.A.S.H)

[@profdc9501]

He was the most enterprising of them all (except maybe Radar). They should have put him in charge of the company!

[@antoniomaglione4101]

In hindsight, the Korean government made a big mistake in not bailing out the company. The behaviour, the lifestyle and the tone - deafness of the family of owners surely played a significant role in the decision. It is sad to see when a national champion fades into the sunset, see the Italian airline Alitalia as another example. Thanks for the video...

[@onceuponfewtime]

did they tho? Since the company sold its asset to others, the only lost was the company's identity, which was no longer matter since it lost its integrity and positive public image.

[@towncenter7602]

Governments don't have any money. They depend on the people serving them to pay for everything. Bailing put companies now is impossible they already took all the value of our currencies.... they are too big to bail....

[@hoangle2483]

What if (at that time) the company still perform poorly after South Korean Gov bail them out though ? Remember nobody wants to spend taxpayer money to bail these giant conglomerate (look at what happened to the US during 2008), and just like you mentioned, the family of owners painted a very bad picture to the company's image.

[@Errr717]

I'm sure you're right. The family members act like spoiled kids just like the way the daughter behaved in their plane. If the family had stuck together as a family they could have come up with the money to pay the bank. But they are arrogant and the new generation kids are acting the same way.

[@maestrovso]

I enjoy your contents. Keep up the great work.

[@bruins4rent213]

Entire problem is in the first sentence: family-run monopoly in a fantasy, Cold-War economy backstopped by two governments and the IMF.

[@aave865]

Do an episode on port management would ya.

[@chrisdavidson911]

Genuinely can't help waiting to hear "the front fell off" as a metaphor

[@Lazy_Tim]

kzbin.info/www/bejne/nYizqJ-Dq52fhKs&ab_channel=taprootweb

[@albeit1]

One could argue that subsidies and force consolidations (eliminating competition) are like training wheels that never allow the child to learn how to actually ride the bike.

[@John77Doe]

I see Hanjin logo on trucks on the highway all the time. 😁😁😁

[@OsVf770]

Hanjin Shipping's bankruptcy involved a lot of complex political factors in Korea..

[@GavinM161]

It always seemed crazy how corporations feel it's better to sell what they own then lease it back just because it comes off a different ledger and can make their business (apparently) better to investors and governments.

[@tinolino58]

Thats Asian business practices at it’s best 😆

[@rexmyers991]

W O W. ! ! ! I had no idea

[@dharanidharanm9795]

Please improve audio quality. Very low voice sound.

[@idrathernot_2]

You still see hanjing containers everywhere used as repurposed ground storage containers.

[@mikmik9034]

Audio is too low.

[@hanssolos3699]

where is yr video presentation on the nut rage lady?

[@rreinehr1]

Thanks for the upload.

[@alanhill4334]

Stop companies from becoming too large.

[@mds33483]

Hanjin was pretty reliable and cost-effective. never imagined they would just vanish...

[@evlee1295]

it's been rumored that Hanjin wasn't bailed out because the owners were lukewarm about funding then-president Park's slush funds, while Hyundai Merchant Marine owners were far more enthusiastic. food for thought