Hanjin Shipping America Llc history

The company was founded in September 1949, and is headquartered in Seoul, South Korea.“

In 1972, the Hanjin Group introduced its first container liner operation, Daejin Shipping Co., but it was only a regional feedering service that transferred containers to a larger ship, which conducted the ocean voyage.

1979: Hanjin Container Lines, Ltd. introduces a trans-Pacific service.

Hanjin Shipping's net profit for 1988 was W 1.5 billion Korean (US$18.3 million), a recovery from the previous year's loss of W 800 billion.

And to strengthen the link between Asia and the United States East Coast, Hanjin Shipping and Yang Ming Marine Transport of Taiwan established a joint operation for an Atlantic all-water route in April 1991.

Soo-ho Cho, third son of Choong-hoon Cho, was elected as president of Hanjin Shipping in 1994, and the company opened an exclusive container terminal in Tokyo, Japan.

Hanjin Shipping became the world's eighth largest container carrier by 1996, with approximately 60 percent of its revenue from the United States market.

A currency crisis soon developed in Asia, with the value of the Korean won falling dramatically in October 1997, leaving Asian markets in poor condition.

Effective May 1, 1999, the United States Ocean Shipping Reform Act aided the industry's long-term recovery by permitting confidential negotiations and contracts between individual shipping lines and importers or exporters.