Hanjin

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Not to be confused with Hanshin, which is Japanese.
Hanjin
The logo of Hanjin
The logo of Hanjin
Korean name
Hangul 한진
Hanja 韓進
Revised Romanization Hanjin
McCune-Reischauer Hanjin

The Hanjin Group is a 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. With its majority interest in the Senator Lines Hanjin-Senator is the seventh largest container transportation and shipping company in the world.

Contents

[edit] History

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

Hanjin began at the end of World War II, on 1 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. It opened its first container yard less than a year later, in September 1970, at the port of Pusan.

The late seventies saw a major push into the Middle East with contracts signed with 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).

In March 1990 the company branched out into trucking and warehousing with the purchase of Korea Freight Transport Company. Two years later, in June 1992, the company started Hanjin Express 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 Inc., in August 1992. In January 1993 they initiated container rail service between Pusan and Uiwang. In May 1995 the company hauled grain to North Korea.

[edit] 2007 San Francisco Bay oil spill

Main Article: 2007 San Francisco Bay oil spill

On November 7, 2007 a Hanjin container ship crashed into the base of the Bay Bridge and spilled an estimated 58,000 gallons of fuel from the ship's fuel tanks[1], creating the 2007 San Francisco Bay oil spill, the largest oil spill San Francisco has seen in over 11 years.[2]

[edit] Tax litigation

In 1999, Hanjin Group paid the largest penalty tax ever levied in Korea to that time; 541.6 billion won ($445.8 million). [3]The Korea Herald even suggested that one of its three managing tycoons might be imprisoned after "prosecution on tax-evasion charges". Hanjin chairman Cho Yangho also stood trial for involvement in "illegal campaign funding" by paying minorities to do their work.

[edit] Listed Subsidiaries

[edit] Subsidiaries

Other subsidiaries for Hanjin Group.
  • Cyber Logitec
  • Meritz Fire & Marine Insurance
  • Hanil Country Club/Hanil Leisure
  • Hanjin Information System & Telecommunication
  • Hanjin Logistics
  • Hanjin Travel Service
  • Hankuk Aviation University
  • Inha University
  • Inha University Hospital
  • Jeongseok Education Foundation
  • Jeongseok Enterprise
  • KAL Catering
  • Keoyang Shipping
  • Korea Engineering Consultant
  • Korean French Banking
  • Senator Lines
  • TOPAS-Total Passenger Service System
  • TRAXON-Global Logistics System Korea

[edit] See also

[edit] References

  1. ^ Berkeley Marina Closed After Oil Spill. Eric Boylan. the Daily Californian.
  2. ^ Bay cleanup efforts expanding. Jane Kay. San Francisco Chronicle.
  3. ^ Hanjin group to pay 450 mil. dlrs in penalty tax. Asian Economic News, Oct 11, 1999

[edit] External links

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Hanjin