Hanjin Shipping to close Europe operations, to sell Asia-US routes: WSJ

Hanjin Shipping to close Europe operations, to sell Asia-US routes: WSJ

South Korean container shipper Hanjin Shipping said on Monday that it would close all 10 of its European businesses operations, The Wall Street Journal reported.

Hanjin, which was the world's seventh-largest container shipper when it filed for receivership on August 31, has also put assets from its Asia-US routes up for sale and was in talks with Mediterranean Shipping Co. over selling its Long Beach Terminal stake, the report said.

The full Wall Street Journal report can be read here.

Banks stopped providing financial support to Hanjin, which had been bleeding red ink, in late August, prompting the shipping line to file for court receivership. As a result, as many as 66 of Hanjin's container ships were denied access to ports around the world and at least one ship was seized, according to media reports.

According to industry data provider Alphaliner, Hanjin had 98 ships and a 2.9 per cent market share. That compared with the largest, APM-Maersk, with about 622 ships and a 15.4 per cent market share.

Hanjin's troubles, which followed years of low shipping rates, had spurred concerns about the potential for delayed shipments globally.

CNBC has sought comment from Hanjin.

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