Five years ago, Korea Line Corporation filed for bankruptcy protection - this week, South Korea's second largest shipper emerged as the winning bidder for some of the assets of bankrupt Hanjin Shipping Co., whose collapse in late August stranded billions of dollars in cargo at sea, disrupting supply chains world-wide.

A judge in Seoul, South Korea's Central District Court picked the midsize bulk-shipping operator to purchase Hanjin's Asia-U.S. route, as well as Hanjin's 54 percent stake in a port terminal in Long Beach, California.  This was something of a surprise, given that several government officials supported heavyweight Hyundai's bid for the assets. 

"Korea Line proposed better terms, including higher prices," the judge said.  "It also offered to take over more Hanjin employees."

Korea Line it operates 29 vessels hauling goods such as iron ore, crude oil, and cars.

Hanjin Shipping was the first major shipping line to buckle under the weight of a global overcapacity and low freight rates.  It filed bankruptcy protection on 31 August after creditors refused at extending loans.  Hanjin once operated 97 box ships, including 61 that were chartered, but its fleet has shrunk to 14 ships - all but three of them are either stranded or have been seized over unpaid bills.