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 Hanjin headquarters | |
Native name | 한진칼 |
|---|---|
| Company type | Public |
| KRX:180640 | |
| Industry | Conglomerate |
| Founded | November 1945; 80 years ago (1945-11) |
| Founder | Cho Choong-hoon |
| Headquarters | Seoul,South Korea |
Key people | Walter Cho (chairman andCEO) Ryu Kyeong-Pyo (president) |
| Owner |
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| Subsidiaries | Korean Air,Jin Air |
| Website | hanjinkal.co.kr |
TheHanjin Group (Korean: 한진 그룹;Hanja: 韓進 그룹;RR: Hanjin Geurup) is aSouth Koreanchaebol. The group has various industries covered from transportation and airlines to hotels, tourism, and airport businesses, and is one of the largest chaebols in Korea. The group includesKorean Air (KAL), which was acquired by the founderCho Choong-hoon in 1969, and was the owner ofHanjin Shipping (once the largest shipping company in Korea) before its bankruptcy. In 2013, Hanjin Group officially switched fromcross ownership to a holding company structure with the establishment of Hanjin KAL Corporation. The group is controlled by descendants of Cho Choong-hoon, and many construction chaebols are the major shareholders of Hanjin KAL.
Hanjin started at the end ofWorld War II, in November 1945. Early on, its biggest customer was theU.S. Army, providing the transportation of material to both Korea andVietnam. The company signed a major contract with theUS 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, andAir Force with cumulative profits reaching at the $150 million dollars mark over a 5 year period [1966-1971].[1] In November 1969, Hanjin made its entry into the containerized shipping business signing a deal withSea-Land Service, Inc. Hanjin during that same time period [March 1, 1969] had taken over the "loss-making" state-owned Korean Air Corporation.[2][3][4][5] In September 1970, the company opened its first container yard at the port ofBusan.
The late 1970s saw a major push into theMiddle East with contracts signed toKuwait at the port of Shuwaik (September 1977),Saudi Arabia at the port ofDammam (March 1979), and at the port of Jeddah (May 1980).
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 ofLong Beach andSeattle with the joint venture Total Terminals International LLC., in August 1992. In January 1993, they initiated container rail service between Busan andUiwang. In May 1995, Hanjin hauled grain toNorth Korea. TheHanjin-Senator once was the seventh largestcontainer transportation and shipping company in the world (operations ceased February 2009).
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.[6] 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.[6] KAL acquired 33.2 percent of Hanjin Shipping in June 2014.[6]
On 31 August 2016, Hanjin Shipping filed for bankruptcy. Hanjin Shipping's creditors withdrew their support after deeming a funding plan by parent company Hanjin inadequate.[7][8]
Hanjin Group manages the basis of its holding company Hanjin-KAL which was established in August 2013.[9]
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| Tourism and real estate |
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