Anchor: South Korea's shipping and logistics sectors are in a panic after Hanjin Shipping, one of the world's largest shipping lines, filed for court receivership on Wednesday. The government plans to seek the acquisition of Hanjin's healthy assets by Hyundai Merchant Marine.
Our Kim In-kyung has more.

Report: The decision to file for court receivership by Hanjin Shipping on Wednesday has prompted the South Korean government to intervene and try to reduce the fallout as much as possible.

In the wake of the event, the government said it plans to insert 13 container ships of Hyundai Merchant Marine into Hanjin Shipping's U.S. and European routes.
 
Vice Minister of Oceans and Fisheries Yoon Hag-bae explained that the move will reduce snags in exports and increase shipments for Hyundai.
 
[Sound bite: Vice Minister of Oceans and Fisheries Yoon Hag-bae (Korean)]
"We hope that the remaining shipping companies will cover at least 20 percent of [Hanjin's] long-distance shipments. That way, South Korean shipping companies will have leverage with overall freight rates."
 
The government will also look into the purchase of Hanjin's core assets by Hyundai, which will now become South Korea's only flag carrier shipping line.
 
The assets include 37 container vessels and terminals at ports in Long Beach, California and Algeciras, Spain.
 
The acquisition could have the effect of a merger as Hyundai could maintain Hanjin's overseas network and inherit its business know-how.
 
In the mid to long term, the government plans to provide funding to build large container ships so that South Korean shippers may be more competitive with their foreign counterparts.
 
Executive Vice Chairman Kim Young-moo of the Korea Shipowners' Association says it's a win-win plan.
 
[Sound bite: Kim Young-moo - executive vice chairman, Korea Shipowners' Association (Korean)]
"If the government provides about 50 percent of the shipping finance being created in Korea's financial industry to the local shipping industry, then about half of the shipbuilding orders will go to Korean companies."
 
The government also plans to launch marketing activities to attract more foreign shipping companies to the port of Busan ahead of a reorganization in the international shipping alliance at the beginning of next year.
Kim In-kyung, KBS World Radio News.