Samho Shipping in receivership

Another Korean shipping line has hit the wall, citing poor freight markets plus pirate attacks for its downfall. Chemical tanker owner Samho Shipping has filed for court protection in Seoul joining fellow compatriots Parkroad and Korea Line in receivership. Samho was the victim of two pirate attacks. Chemical tankers have been in the doldrums freight rate wise for a long time. Samho has 12 chemical carriers and a VLCC in its fleet. The court should make a decision on Samho’s future in around one month's time.