Hanjin Shipping's collapse puts 11,000 jobs at risk, hits Port of Busan hard

Hanjin Shipping's collapse puts 11,000 jobs at risk, hits Port of Busan hard COMPANIES in Busan say 11,000 jobs are at risk if near bankrupt Hanjin Shipping is not rescued, reports Bloomberg News. Wearing red bandannas and waving white placards, about 500 angry shipping workers converged in front of Korean Air Lines Co headquarters in Seoul.  "Save Hanjin! Save Busan!" was their rallying cry to Korean Air, which is, somewhat unwillingly, is now Hanjin's biggest shareholder. With no Hanjin ship berthing at its terminal in Busan, the world's fifth-busiest port, the city's shipping industry is headed for a crisis, said Busan Port Development Association chairman Lee Seung Kyu.  Some 1,000 tractor drivers are unemployed, and many contractors may be forced to shut down, said Choi Chul Hee, a port executive. Hanjin handles 50 per cent of the facility's container volume, he said, dealing a blow to an industry that accounts for 30 per cent of the city's economy. "The lost volume will find its way to China and Busan will lose its competitiveness," said Mr Choi. "The economy of Busan will be hit hard if Hanjin Shipping fails." More than 110 workers hired by Hanjin's contractors haven received letters terminating their employment by the end of this month, said union leader Song Deuk Hwan. "This is only the start," he said. "The big concern is what will happen now. If nothing is done, more people will lose their jobs and more people won't get paid."