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Biz News Korea(Eng)

Hanjin Shipping’s massive layoffs loom large ahead of fire sale

Collected: 2016.11.11

Distributed: 2016.11.14

Source: Go Direct

South Korea’s Hanjin Shipping Co. under court management and likely headed for liquidation after shedding most of its fleet and assets has notified 560 shipping crew that their service with the company ends on Dec. 10. The rest of 2,000 on the company payroll are expected to get dismissal notice within next month.

Korea Ship Owners’ Association and Korea Maritime Institute estimate as many as 10,000 in related port, ship maintenance, and insurance industry would lose job when Hanjin Shipping goes under. Of them 23,000 jobs would be lost in the port city of Busan.

Hanjin Shipping that had been the world’s seventh-largest container carrier and South Korea’s largest shipping company before filing for court receivership in August would be selling off its entire fleet of 98 liners within the month to pay off debt.

Hyundai Merchant Marine Co. and Korea Line Corp. have handed in their bids by Thursday deadline to buy Hanjin’s key assets including Asia-US operations, equity stake in the Long Beach Terminal in California and five 6,500-TEU container vessels.

The bankruptcy court in Seoul in charge of Hanjin Shipping plans to choose a preferred bidder for the assets on Monday and sign a deal by Nov. 21 to receive proceeds by the final week.

Hyundai Merchant Marine plans to acquire the assets to boost its competitiveness in Asia-North American operations. Korea Line affiliated to Samra Midas (SM) Group is also keen to buy the assets to diversify its bulk carrier-centered business.

By Kim Jung-hwan

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