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>

<< May 2018 >>
MTWTFSS
30 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

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >