Hanjin to Shut Down European Ops

Some two months after filing for court receivership, the financially troubled Hanjin Shipping is looking to close its European operations, the company said in a stock exchange filing.

South Korea’s former shipping giant has received permission from the Seoul District Court to shut down four of its European units, namely, Hanjin Shipping Europe GmbH & Co, Hanjin Shipping Hungary Transportation Ltd, Hanjin Shipping Poland Sp and Hanjin Spain S.A.

Hanjin said that the scale-down of activities is scheduled to start in late October or early November through declaring bankruptcy or starting liquidation procedures.

The move follows the ailing container carrier’s decision to sell its stake in the Port of Long Beach container terminal in California as part of the efforts to stay afloat.

Namely, a spokesperson for shipping major Mediterranean Shipping Company (MSC) confirmed reports that the company is in talks to acquire Hanjin Shipping’s 54 percent stake in Total Terminals International LLC, the operator of the terminal.

Hanjin Shipping succumbed to the prolonged depression in the shipping market and filed for court receivership in late August after its creditors, led by KDB, said they would not provide additional financial support to Hanjin starting from September 4.

The move resulted in some 97 of the company’s container ships being left stranded across the globe and unable to load or offload containers.

World Maritime News Staff

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