The Hanjin Group is one of Korea's influential chaebol--large conglomerates that are generally family-run and active in a variety of industries. In 1945, Choong-hoon Cho founded Hanjin Transportation Co., Ltd., now one of Korea's largest transportation and logistics companies and the mother firm of the Hanjin Group. The diversified affiliates that currently comprise the Hanjin Group cover the spectrum of air, land, and sea transportation; information and communication; heavy industry and construction; banking; and social welfare operations. In addition to Hanjin Shipping, the group's 20 other companies include Korean Air Lines, Hanjin Heavy Industries and Construction Co., and Hanjin Information System & Telecommunications Co.
In the early 1970s, developing nations, Korea among them, controlled just 8 percent of the total world shipping fleet. And compared to traditional categories of cargo, very few companies operated container vessels, the area in which Hanjin Shipping would make an impact, due to the significant investment and industry knowledge required. Containers are truck trailer bodies that can be detached from the chassis for loading onto a vessel or railcar.
In 1972, the Hanjin Group introduced its first container liner operation, Daejin Shipping Co., but it was only a regional feedering service that transferred containers to a larger ship, which conducted the ocean voyage. The Hanjin Group and Sealand Service of the United States established a joint-feedering venture in 1977. Later that year, Daejin and Sealand created a new company to compete in the international container liner market--Hanjin Container Lines, Ltd. The new company established a trans-Pacific service in 1979.
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