The Hanjin Group () is a South Korean

chaebol A chaebol (, ; ) is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group whose power over the group often exc ...

. The group has various industries covered from transportation and airlines to hotels, tourism, and airport businesses, and one of the largest chaebols in Korea. The group includes

Korean Air Korean Air Co., Ltd. (), operating as Korean Air (Korean Air Lines before 1984), is the flag carrier of South Korea and its largest airline based on fleet size, international destinations and international flights. The present-day Korean Air ...

(KAL), which was acquired by the founder Cho Choong-hoon in 1969, and was the owner of

Hanjin Shipping Hanjin Shipping Co., Ltd. was a South Korean integrated logistics and container transport company. Prior to its liquidation, Hanjin Shipping was South Korea's largest container line and one of the world's top ten container carriers in terms of ca ...

(once the largest shipping company in Korea) before its bankruptcy. In 2013, Hanjin Group officially switched from

cross ownership Cross ownership is a method of reinforcing business relationships by owning stock in the companies with which a given company does business. Heavy cross ownership is referred to as circular ownership. The Japanese economy is alleged to be heavily ...

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.

History

Hanjin started at the end of

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...

, in November 1945. Early on, its biggest customer was the

U.S. Army The United States Army (USA) is the land service branch of the United States Armed Forces. It is one of the eight U.S. uniformed services, and is designated as the Army of the United States in the U.S. Constitution.Article II, section 2, cl ...

, providing the transportation of material to both Korea and

Vietnam Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making i ...

. The company signed a major contract with the

US 8th Army The Eighth Army is a U.S. field army which is the commanding formation of all United States Army forces in South Korea. It commands U.S. and South Korean units and is headquartered at the Camp Humphreys,Navy A navy, naval force, or maritime force is the branch of a nation's armed forces principally designated for naval warfare, naval and amphibious warfare; namely, lake-borne, riverine, littoral zone, littoral, or ocean-borne combat operations and ...

, and

Air Force An air force – in the broadest sense – is the national military branch that primarily conducts aerial warfare. More specifically, it is the branch of a nation's armed services that is responsible for aerial warfare as distinct from an a ...

. In November 1969, Hanjin made its entry into the containerized shipping business signing a deal with

Sea-Land Service SeaLand, a division of the Maersk Group, is an American intra-regional container shipping company headquartered in Miramar, Florida with representation in 29 countries across the Americas. The company offers ocean and intermodal services using ...

, Inc. In September 1970, the company opened its first container yard at the port of

Busan Busan (), officially known as is South Korea's most populous city after Seoul, with a population of over 3.4 million inhabitants. Formerly romanized as Pusan, it is the economic, cultural and educational center of southeastern South Korea, w ...

. The late 1970s saw a major push into the

Middle East The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabian Peninsula, Arabia (including the Arabian Peninsula and Bahrain), Anatolia, Asia Minor (Asian part of Turkey except Hatay Pro ...

with contracts signed to

Kuwait Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the nort ...

at the port of Shuwaik (September 1977),

Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the A ...

at the port of

Dammam Dammam ( ar, الدمّام ') is the fifth-most populous city in Saudi Arabia after Riyadh, Jeddah, Mecca, and Medina. It is the capital of the Eastern Province. With a total population of 1,252,523 as of 2020. The judicial and administrative ...

(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 of

Long Beach Long Beach is a city in Los Angeles County, California. It is the 42nd-most populous city in the United States, with a population of 466,742 as of 2020. A charter city, Long Beach is the seventh-most populous city in California. Incorporate ...

and

Seattle Seattle ( ) is a seaport city on the West Coast of the United States. It is the seat of King County, Washington. With a 2020 population of 737,015, it is the largest city in both the state of Washington and the Pacific Northwest regio ...

with the joint venture Total Terminals International LLC., in August 1992. In January 1993, they initiated container rail service between Pusan and

Uiwang Uiwang () is a city in Gyeonggi Province, South Korea. It is one of many satellite cities that ring Seoul, making up the Seoul Capital Area. Its largest immediate urban neighbor is Anyang. The low peaks of the Gwangju Mountains (including Moraks ...

. In May 1995, Hanjin hauled grain to

North Korea North Korea, officially the Democratic People's Republic of Korea (DPRK), is a country in East Asia. It constitutes the northern half of the Korea, Korean Peninsula and shares borders with China and Russia to the north, at the Yalu River, Y ...

. The

Hanjin-Senator Hanjin-Senator was achieved by combining the container fleets of Hanjin Shipping and Senator Lines, making Hanjin-Senator the eighth largest container shipping company in the world. Hanjin was Senator's majority shareholder; the two companies are ...

once was the seventh largest

container A container is any receptacle or enclosure for holding a product used in storage, packaging, and transportation, including shipping. Things kept inside of a container are protected on several sides by being inside of its structure. The term ...

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. 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. KAL acquired 33.2 percent of Hanjin Shipping in June 2014. 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.
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Listed subsidiaries

* Korean Air Co., LTD (KRX : 003490) * Hanjin Transportation Co., LTD (KRX : 005430) * Korea Airport Service Co., LTD (KRX : 002320) *

Jin Air Jin Air Co., Ltd. () is a South Korean low-cost airline. As of April 2018 it operates flights to six domestic cities and 26 international destinations. It launched its first long haul route, between Incheon and Honolulu, in December 2015. It has ...

Co., LTD (KRX : 272450)

Other subsidiaries

* JungSeok Enterprise Co., Ltd * Hanjin Travel Service Co., Ltd * Hanjin Transportation Co., Ltd * Hanjin Information Systems & Telecommunication Co., Ltd (HIST) * Total Passenger Service System Co., Ltd * KAL Hotel Network Co., Ltd * Air Total Service Co., Ltd * CyberSky Co., Ltd * Global Logistics System Korea Co., Ltd * Homeo Therapy * Jungseok-Inha School's Foundation *

Korea Aerospace University Korea Aerospace University (한국항공대학교 (Traditional Chinese: 韓國航空大學校) an'guk Hang-gong Dae-hak-gyo is a private university located in Goyang, Gyeonggi, South Korea. History Beginnings (1950s–1960s) Korea Aeros ...

* Jungseok Education Foundation * Il Woo Foundation * Uniconverse Co., Ltd

References

External links

Hanjin website

Hanjin website
{{Authority control Chaebol Companies based in Seoul Multinational companies headquartered in South Korea Transport companies established in 1945 1945 establishments in Korea South Korean brands SkyTeam

History

Listed subsidiaries

Other subsidiaries

See also

References

External links