Hanjin to Shut Down European Ops

Image Courtesy: Hanjin Shipping

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

Share this article

Follow World Maritime News

In Depth>

Events>

<< Aug 2017 >>
MTWTFSS
31 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

Shipping2030 Asia

This year Shipping2030 Asia will take place with Global Liner Shipping conference, offering attendees unique access to networking with the container shipping industry…

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >