Global trade slump sinks shipping giant

Posted online August 31, 2016 | 11:38 am

Weak international trade has taken a big victim in the global shipping industry.

One of the world's largest cargo carriers, Hanjin Shipping filed Wednesday to go into receivership after creditors cut off support.

Under the filing, a court will decide the South Korean company's fate.

"It is very likely that all our assets will be frozen in less than a week," a company spokesperson said.

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