Hanjin Shipping is to have its Asia-US route assets sold off, as the South Korean bankruptcy court closes the book on its sales and marketing network, reported the Wall Street Journal.
This further legitimises the rumours that the court was planning on selling the company and all its global subsidiaries, as it was reported by PTI earlier in September, 2016 that the sale of Hanjin ships had also begun.
The sale of the assets and the rumour of the complete sale of Hanjin Shipping could indicate that this may be the final curtain for the former seventh largest carrier.
One of the main contenders for the possible purchase of Hanjin assets is Hyundai Merchant Marine Co, who has not denied interest in acquiring them, despite also struggling with debt restructuring.
Upon the announcement of the sale, which is expected to occur on Friday October 14, 2016, the BBC reported a surge of Hanjin Shipping shares, jumping as much as 25%.
Hanjin Shipping, since its announcement of court receivership on August 31, 2016, has caused major disruptions for the global shipping industry, having stranded ships offshore and empty containers choking port operations all over the world.
The shipping industry slump continues, with more and more shipping companies reporting profit losses and cutbacks of both staff and services.
