Hanjin Shipping is increasingly having to plan ahead for a future as just an intra-Asia operator.
South Korea’s largest shipping line, which sought court receivership at the end of August, now has until December 19 to come up with a rehabilitation plan with Splash understanding a paring back of fleet and global presence to become just a regional operator is the most favoured route. Hanjin is drawing up plans to slash office staff outside of Asia dramatically, sources tell Splash.
The news comes as members of Hanjin’s putative new alliance are distancing themselves from the Korean carrier. Hanjin was expected to join THE Alliance next April but Yasumi Kudo, the head of NYK, told reporters in Tokyo earlier this week that he and his fellow Japanese lines would struggle to work with Hanjin now.
Meanwhile, Hanjin’s sister firm Korean Air finally came through yesterday with a KRW60bn ($54.6m) emergency loan. The money will be used to offload cargoes from stranded Hanjin ships around the world.