Korean intra-Asia container carrier YSC Line seeks bankruptcy protection

KOREA`s Yanghai Shipping (YSC Line), an intra-Asia specialist, has ceased operations after filing for bankruptcy protection due to serious cash shortages, high bunker prices, rising equipment rental costs, fierce rivalry and the devastating impact of the March Japanese earthquake and tsunami, reported Korea`s Maritime Press.

Established by the ex-CEO of KMTC, YH Choi, in May 2009, Seoul-based YSC became the latest carrier forced to suspend service. All its ships have been retaken by their owners, said Paris-based Alphaliner.