Hanjin plans to close European business
Hanjin Shipping Co., 117930. Se, South Korea's largest shipping company, said on Monday it planned to close its European business, foreign media reported on the 24th.
A spokesman for Hanjin Shipping said the company had applied for court approval to close all 10 operations in Europe, including its regional headquarters in Germany.
Hanjin Shipping is expected to start the business closure process as early as this week after obtaining approval from the Seoul Central District Court, the spokesman said.
The decision to close its European operations is part of a spin off process launched by Hanjin earlier this month. A judge said the company might consider selling itself in its entirety.
The assets of the company's Asian to us routes are already on sale. In addition, Hanjin is also discussing with Swiss shipping giant Mediterranean Shipping Co. about the sale of its stake in Long Beach terminal.