Report: Hanjin to Shut Down European Ops

Hanjin Shipping Some two months after filing for court receivership, the financially troubled Hanjin Shipping is looking to close its European operations, according to Reuters. South Koreas former shipping giant has received permission from a a Seoul court to sell four of its European units, namely, Hanjin Shipping Europe GmbH & Co, Hanjin Shipping Hungary Transportation Ltd, Hanjin Shipping Poland Sp and Hanjin Spain S.A. Reuters added that the scale-down of activities is scheduled to start in early November. The move follows the ailing container carriers decision to sell its stake in the Port of Long Beach container terminal in California as part of the efforts to stay afloat. Namely, a spokesperson for shipping major Mediterranean Shipping Company (MSC) confirmed reports that the company is in talks to acquire Hanjin Shippings 54 percent stake in Total Terminals International LLC, the operator of the terminal. Hanjin Shipping succumbed to the prolonged depression in the shipping market and filed for court receivership in late August after its creditors, led by KDB, said they would not provide additional financial support to Hanjin starting from September 4. The move resulted in some 97 of the company’s container ships being left stranded across the globe and unable to load or offload containers. World Maritime News Staff