Embattled Hanjin Shipping’s move to try and forge a future as an intra-Asia operator moves ahead with news the Korean line is planning to shut all of its European operations.
Hanjin, which became the largest containerline bankruptcy in history when it sought court receivership at the end of August, has already put its transpacific operations up for sale, as well as five 13,000 teu ships, and terminals in Europe and the US. The Wall Street Journal is now reporting that the Seoul-headquartered firm has asked its appointed court permission to close its European businesses – it has 10 offices across the continent with a regional HQ in Germany, which it inherited when it acquired Senator Lines 19 years ago.
Hanjin, saddled by debts of more than $5bn, has less than two months to come up with a decent rehabilitation plan to avoid being liquidated, with all indications suggesting it is offloading all assets outside of Asia.
Sam, just for the records:
Hanjin has established its Regional H/Q in Hamburg in November 1990, when it moved its representative office from London and upgraded. In 1997 HJS bought Senator Lines, Bremen, but always kept its RHQ presence in Hamburg and separate entities. Senator was then step by step integrated into HJS.
rgds