Hanjin Shipping Might Shut Down its Singapore Operations by end of March

March 7, 20178:23 am736 views

Hanjin Shipping is in the process of winding up its operations in Singapore by end of March, which may likely affect about 100 employees in the company. As regards firm’s staff, the fallout has already begun.

When The Straits Times visited Hanjin’s Anson House premises in Tanjong Pagar last week, the office had already been emptied of both staff and furniture – completely vacated, Asia One reports. The Anson House office was one of Hanjin’s two locations here. The other is PSA Building in Alexandra Road, going by an online search.

Also a part of Hanjin’s PSA building shut when The Straits Times visited last week, although another section remained open. According to an unnamed source, the still-operational office will shut down towards the end of this month.

The wrapping of Hanjin operations only started after a Seoul court declared the company bankrupt last month and ordered its assets to be liquidated in the biggest collapse in the container shipping industry.

Once the largest shipping line in South Korea and the seventh-biggest in the world, Hanjin has been struggling under the weight of debt of billions of dollars for years. Hanjin would have needed to eliminate all costs as it had no revenue in recent months and all that remains will likely relate to “winding-down formalities” and administrative tasks.

Meanwhile, the Hanjin Rome, a cargo vessel previously owned by Hanjin, was sold in a sheriff’s sale last week being valued at its demolition value of $8.03 million, according to a list of sold vessels on the Supreme Court website.

Also read: Logistics Sector is Now Picking Up in Singapore, Mid-Career Professionals Seek Career Switch

Image credit: WSJ

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