[4][5][6][7][8] Yoo Byung-eun's two sons are controlling the shipping firm through a majority stake in the investment vehicle I-One-I Holdings as well as 13 unlisted affiliates which through a tangled web of ownership structure own each other.

[9][10][11][12] After Sewol's sinking, the Ministry of Oceans and Fisheries cancelled Chonghaejin Marine's license to operate ferries on the Incheon-Jeju Island route in May 2014.

[13] In mid June 2014, Chonhaiji Co. Ltd., a ship block maker controlled by the sons of businessman Yoo Byung-eun, and the major shareholder of Chonghaejin Marine Company with 39.4%, lodged its application for receivership at the Changwon District Court.

The company's operations began with a focus on domestic ferry services, primarily connecting the mainland to various islands along the coast of South Korea.

The company operated several vessels, including large ferries capable of carrying passengers and vehicles, catering to both tourists and local commuters.