Hanjin Shipping said Young Min Kim, president and chief executive officer, resigned from his position on Monday "to take responsibility for the company’s continuing losses and delay on financial support from major creditor banks."
Hanjin said "the company has decided to accept his resignation and seek a proper replacement."
Kim, who has been president and CEO since January 2009, will remain at his current post until the a successor is appointed. The company expects a search for a replacement to be completed by the end of the year.
A spokesman said Hanjin was expected to release its third quarter results sometime this week, but a date had not yet been fixed.
In the first half of this year, Hanjin had a net loss of 115.2 billion South Korean won ($107.8 million). That was less than half the 339.6 billion loss company recorded in the first half of 2012.
Total sales were 5.16 trillion won in the first half of 2013, up 1.4 percent from the first half 2012. The higher sales were due to an 2.7-percent increase in the container business in the first half of this year to 4.25 trillion won. The company's bulk business had first half sales of 698.9 billion, down 6.8 percent from the first half of 2012.
Regarding the financial support, the Hanjin spokesman said, "We are actually working on a perpetual bond, which is still under discussion."