Major Panama Canal user declares bankruptcy

The largest bankruptcy in the history of the shipping industry has been filed by a South Korean shipping company, a major customer of the Panama Canal.

The move came after creditor banks decided not to give financial support to keep Hanjin Shipping, afloat. The company, considered #7 in global shipping and a regular user of the  canal has facws financial problms for several months. Hanjin Shipping accounts for 1.2 percent of transits through the Canal, and 2.7 percent of its revenue.

Source: Newsroom Panama