For this week’s Logistics News, we will give you a brand new update about the Hanjin Shipping Co. situation. On Feb. 17, the Seoul Central District Court has officially pulled the plug on the stricken firm, declaring it bankrupt and finally ordering the liquidation of the company, which throughout its 40 years history was considered one of the biggest container shippers in the world. The collapse of Hanjin is seen as the largest in the history of the shipping industry.

The Hanjin Group was under appliance for court receivership since last August.  The court closed the company’s rehabilitation proceedings earlier this month, saying liquidation would bring more value to creditors, with its major assets mostly sold off. Hanjin’s stock will be delisted, following the court ruling.

With the final decision being settled on the 17th of February, all that remains of stricken Hanjin Shipping Co. will be liquidated. With only a few dozens of employees left (compared with the more than 7,000 workers that Hanjin used to have before the financial crisis), the shipping company has been selling ships, stakes in seaports and other assets since when it started filing for receivership.

Hanjin’s business closure in August has caused chaos in global supply chains, standing at one point up to $14 billion in goods as well as ships and crews due to doubts over the company’s ability to pay fees. According to the Korea Maritime Institute, as a result of the Hanjin collapse, as many as 12,000 jobs will be lost in the port city of Busan and the southern part of the country, where most of Korea’s shipping facilities are based.

Got interested? Fill the form below, and be part of our family to enjoy this amazing tool and much more!