Korea Line Files for Receivership as Bulk Rates Fall
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Korea Line Corp., South Korea’s second-largest operator of dry-bulk ships, filed for receivership after a global oversupply of vessels caused rates to tumble to the lowest in almost two years.
The shipping line intends to maintain operations, it said today in an e-mailed statement, after making the filing at the Seoul Central District Court. The company, which didn’t say how large its debts were, is seeking to freeze assets.