Hanjin Shipping Adds Express Asia-US Shipping Service

Hanjin Shipping South Korean shipping company Hanjin Shipping will launch a new express shipping service on the Asia-US shipping route, the company said on April 18. The CAX (China America Express Service), which will link Shanghai in China to the US Port of Long Beach, is scheduled to become operational on May 24, 2016. Hanjin expects to launch five 4,000 TEU containerships on this route with a reduced transition time from 13-14 to 11 days. Last month, Hanjin Shipping agreed to sell its office building in London for a price tag of KRW 66.7 billion (USD 57.2 million) to an undisclosed UK-based real estate investment company. This move was the latest in line as the company fights to ensure financial liquidity. Hanjin was also planning to dispose of certain overseas terminals as well as treasury stocks in an effort to deal with the current depression in the shipping industry. Although the company managed to return to profit in 2015 after cutting a number of its costs, Hanjin Shipping opted for additional measures as the freight rates are expected to resume already reached record lows in 2016. World Maritime News Staff