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Hanjin Shipping Slumps to Record Low Amid Restructuring Concern

  • Finance minister wants to restructure shipping industry
  • Low rates have eroded cash at South Korean shipping lines

Hanjin Shipping Co., South Korea’s largest container carrier, fell to a record low in Seoul trading after the nation’s finance minister said the industry needs to be restructured after years of weak demand eroded cash at companies.

Shares of Hanjin Shipping dropped as much as 8.2 percent to 2,580 won, the lowest price since their debut in December 2009, and traded at 2,630 won as of 10:31 a.m. in Seoul. The stock has plunged 64 percent in the past 12 months, compared with a 6 percent decline in the benchmark Kospi index.