South Korea’s Hanjin Shipping will be delisted in Seoul tomorrow. The company was declared bankrupt last month and all its assets are now being sold off.
With an hour left of trading Hanjin’s stock price stood at just KRW12 ($0.01), down 68% today.
It listed in 2009 and in January 2011, its stock price peaked at KRW41,700. That same year marked the start of significant losses and its share price has been hammered ever since culminating in its bankruptcy.
Meanwhile, the 5,600 teu Hanjin Vienna, stranded off the western coast of Canada since early September, has finally set off for what will be its final voyage. Owned by Germany’s NSB, the ship had been on long term charter to Hanjin but found itself out of work when the Korean carrier sought court protection last August. NSB has now sold the 2000-built boxship for scrap.
, stranded off the western coast of Canada since early September, has finally set off for what will be its final voyage. Owned by Germany’s NSB, the ship had been on long term charter to Hanjin but found itself out of work when the Korean carrier sought court protection last August. NSB has now sold the 2000-built boxship for scrap.
The question is, Who’s next? When the cost to ship a forty foot container around the world is hovering around $500 usd you know the shipping industry is in deep trouble.