해운기업 구조조정 - 국내 해운사 구조조정 사례를 중심으로 -

The maritime industry in Korea handles 99.7% of the country’s total import and export cargo, playing a pivotal role as a national key industry, especially given Korea’s export-driven economy and geographic limitations. Since overland trade is virtually impossible due to the Korean Peninsula’s division, maritime transport is essential for the inflow of not only consumer goods but also raw materials and energy. In response, the Korean government established Korea Shipping Corporation (later Hanjin Shipping) under the Korea Shipping Corporation Act in 1949 to foster the industry. However, the maritime industry operates under unique conditions, such as national route rights, shipping alliances, and slot-sharing arrangements, which create high entry barriers and heavily rely on established networks. The 2017 bankruptcy of Hanjin Shipping led to the collapse of Korea’s maritime commercial capabilities accumulated over decades, highlighting the risk of leaving such a strategic industry solely to market forces. This study examines the structural characteristics and limitations of the maritime industry and evaluates legal mechanisms for corporate restructuring—such as court receivership, voluntary agreements, and workouts—with a focus on the need for limited public intervention to facilitate the recovery of viable shipping companies. Drawing on the restructuring experiences of Hanjin Shipping, HMM (Hyundai Merchant Marine), Heung-A Shipping, and Donga Tanker, this paper explores suitable legal and policy approaches for restructuring in the maritime sector.