In Memory of the
Late Chairman

Hanjin Shipping establishes foundation with funds left by its late chairman

The Hanjin Shipping Co. announced on November 6th that a substantial part of the assets left by its late chairman Cho Soo-ho, who died recently, will go to a foundation to be set up in his name.
The company said stake holdings that the late chairman left are worth 46 billion won or 1.64 million shares will be donated to the Yanghyun Foundation to be set up before the end of the year.
The new foundation will provide funds to research maritime shipping, related academic studies and manpower training for the shipping industry, the company said.
The foundation will also give to welfare facilities as part of its social services as well as supporting medical research including diseases like children's cancer and children inflicted with rare diseases.
Hanjin Shipping is the largest shipping company in Korea with its fleet of cargo ships totaling over 140 ships with more than 5 trillion won in assets and 6 trillion won in annual turnover as an affiliate of the Hanjin Group.
It has its own subsidiaries including Germany's Senator Line, Cyber Logic and Pyeongtaik Container Terminal Co. set up in 2004 to operate its inland cargo terminal in Pyeongtaik, Gyeonggi Province, not far from Seoul.
With the shipping firm drawing some 90 percent of its revenue from overseas, it has 5 regional offices, some 200 branches and 20 wholly-owned local subsidiaries in foreign countries. In addition, it has its own terminals in 11 key locations in the world, including one in Long Beach, California, with a total space of 460,000 pyeong, in Tokyo, Kaoshiung, and Busan and 6 inland logistics centers in such locations as Shanghai and Qingdao. The company plans to open an exclusive terminal in the new Busan harbor with a total space of 200,000 pyeong in 2009.
Hanjin Shipping will go down in the nation's maritime industry history as pioneering to open sea lanes for Korean ships around the world based on its founding ideal of "Serving the Nation through Transportation,"sparing no effort to providing a perfect transportation service. As a result, the company won the best shipping company award from the Global Shippers Association in 2003 and the best shipping company award from Fred Meyer, one of the largest wholesalers in the United States in 2004.
The following year, the company was named one of the top 50 companies in Asia by Forbes, a popular U.S. business magazine.
The company posted 5.9 trillion won in sales, 570 billion won in operating profit and 480 billion won in net profit in 2005 and paid dividends for 7 years in a row. This year, the company projects to chalk up $6.5 billion in sales and $547 million in operating profit.
Since 2003, Hanjin formed the CKYHS Alliance, the largest strategic shipping alliance in the world together with Senator, K-Line, Yangmin Line of Taiwan and Coscon Line of China, securing diversity in shipping schedules and providing express services, to sharpen its competitive edge by reducing costs through joint share of cargo bays, among members of the alliance.
Hanjin led the alliance to go a step further and expanded joint feeder lines and plans to build joint terminals in Asia, the Americas, and across Europe. The company plans to do all it can to be the most trustworthy shipping firm in the world through continuous expansion of its fleet and rational operation, strengthening its core capabilities such as increases in the number of exclusive terminals and container and bulk carrier businesses. An additional part of the plan is the expansion of third-person logistics operation and early stabilization and diversification of related operations including the construction and operation of repair docks.
Hanjin Shipping traces its beginning to the Korea Shipping Corp. set up in 1950 and the Hanjin Group acquired the shipping firm in 1977 and named it Hanjin Shipping which was merged with Daehan Commercial Shipping in 1988. In 1995, the company acquired Koeyang Shipping followed by the takeover of Senator Line of Germany in 1997.
The company ranked 7th in sales in the world and 8th in shipping tonnage with 329,000 TEUs. In 2005, the company's share in the Asia-Americas route posted 7.6 percent, the 3rd in the world. Hanjin led all other Korean shipping companies with sales of 5.98 trillion won in 2005 with Hyundai Merchant Shipping's 4.95 trillion won. nw

Hanjin Shipping container vessels anchored at a container pier.

Hanjin Shipping Co. President Park Jong-won.