Hanjin share price trading at just 1 US cent ahead of tomorrow’s delisting

Hanjin share price trading at just 1 US cent ahead of tomorrow’s delisting

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts

1 Comment

  1. Avatar
    Barry
    March 6, 2017 at 5:41 pm

    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.