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Hanjin shares dive after move to close European business Hanjin shares dive after move to close European business
(35 minutes later)
Shares in the troubled South Korean shipping giant Hanjin have fallen almost 14% after the company said it would close its European business. Shares in Hanjin have fallen almost 14% after the the troubled South Korean shipping giant said it would close its European business.
The firm said it had applied for court approval to close all of its European units in more than 10 countries including Germany, where it has its regional HQ, a spokeswoman said.The firm said it had applied for court approval to close all of its European units in more than 10 countries including Germany, where it has its regional HQ, a spokeswoman said.
Hanjin – once the world’s seventh-largest shipping firm – is seeking bankruptcy protection in South Korea and in the US after creditors rejected a plans to deal with a $5.37bn (£4.66bn) debt load.Hanjin – once the world’s seventh-largest shipping firm – is seeking bankruptcy protection in South Korea and in the US after creditors rejected a plans to deal with a $5.37bn (£4.66bn) debt load.
A bankruptcy would be by far the largest in the history of container shipping, which is suffering its worst downturn in six decades owing to slumping global trade and a slowdown in China.A bankruptcy would be by far the largest in the history of container shipping, which is suffering its worst downturn in six decades owing to slumping global trade and a slowdown in China.
The company expects to start the closure process this week after obtaining approval from the courts in Seoul, the South Korean capital. The company expects to start the closure process this week after obtaining approval from the courts in Seoul.
The news pushed down its its share price by 13.9% down at one point in Seoul. Almost 80% of Hanjin’s market value has been wiped out over the past year. The news pushed down its share price by 13.9% during trading in Seoul. Almost 80% of Hanjin’s market value has been wiped out over the past year.
Hanjin has been hit hard by the slump in global trade, especially over the past three years and posted a net loss of more than £342m in the first half of this year alone. Hanjin has been hit hard by the slump in global trade, especially over the past three years, and reported a net loss of more than £342m in the first half of this year.