The bankruptcy of the Hanjin shipping group led to the loss of more than 80 vessels of several million gross tons (gt) from the Korea Shipowners’ Mutual Protection & Indemnity Association (KPIC) but the club still managed to increase its free reserve by $2m to $43m last year.
Hanjin played a significant role in the establishment of KPIC and was a founder member but most of their ships had crew only-cover, so this reduced the impact of the insolvency.
