Hanjin Shipping Adds Express Asia-US Shipping Service

Image Courtesy: Hanjin Shipping

South Korean shipping company Hanjin Shipping will launch a new express shipping service on the Asia-US shipping route, the company said on April 18.

The CAX (China America Express Service), which will link Shanghai in China to the US Port of Long Beach, is scheduled to become operational on May 24, 2016.

Hanjin expects to launch five 4,000 TEU containerships on this route with a reduced transition time from 13-14 to 11 days.

Last month, Hanjin Shipping agreed to sell its office building in London for a price tag of KRW 66.7 billion (USD 57.2 million) to an undisclosed UK-based real estate investment company.

This move was the latest in line as the company fights to ensure financial liquidity.

Hanjin was also planning to dispose of certain overseas terminals as well as treasury stocks in an effort to deal with the current depression in the shipping industry.

Although the company managed to return to profit in 2015 after cutting a number of its costs, Hanjin Shipping opted for additional measures as the freight rates are expected to resume already reached record lows in 2016.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2017 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

2ND ANNUAL PORTS AND TERMINALS INSURANCE SEMINAR

DETAILED GUIDANCE ON HOW THE INSURANCE MARKET IS CHANGING, HOW RISKS ARE ASSESSED AND WHAT…

read more >

9th Annual: UK Ports Conference 2017

The UK Ports Conference returns for the ninth year to provide the latest insights for the ports, shipping and maritime sectors, reviewing…

read more >

Posidonia Sea Tourism Forum 2017

The 2017 Posidonia Sea Tourism Forum will provide a unique platform to evaluate new investment opportunities and meet the leaders…

read more >

BARI-SHIP2017

At Bari-Ship you will meet not only the owners and leaders of these companies, but also the entire spectrum of managerial, operational and production staff…

read more >