Korea's Hanjin Shipping has announced that its president and CEO Young Min Kim resigned yesterday to take responsibility for the company's continuing losses and delay on financial support from major creditor banks. 

Hanjin Shipping comments that the company has decided to accept his resignation and seek a replacement. 

Mr Kim has been president and CEO since January, 2009 and will remain acting CEO until a replacement is found.

Hanjin operates 60 liner and tramper services around the globe moving more than 100 million tonnes of cargo annually. Hanjin Shipping's fleet consists of 200 containerships, bulk and LNG carriers. It has a comprehensive global business network with four regional headquarters, 200 branch offices and 30 local corporations, according to the Shipping Gazette.