'22 shipping firms at high risk of default'

Of the country's top 100 shipping companies, 22 have recently been found to have a high risk of default, the state-run debt clearer said last week.

Such a worsening financial situation was attributable to their debts amounting to 2 trillion won and global economic downturn, analysts said.

The result is based on a stress test of the shipping firms conducted by the Korea Deposit Insurance Corp.

The shipping companies reportedly on the verge of a default include STX Pan Ocean and Dong Kun Shipping,

By Josephine Liu Yan Yee

Park Sae-jin swatchsjp@ajunews.com