Hanjin Sells off Last Container Ship
The name Hanjin will disappear from the annals of container shipping as the last vessel under carrier’s name, the 5,302 teu HANJIN ROME, was sold in a sheriff’s sale in Singapore on 1 March. The ship, which had been under arrest since 29 August, departed from Singapore on 2nd March and is currently on its way to Chittagong for scrapping.
All of the 97 containerships that were operated by Hanjin Shipping at the time of its filing for receivership on 31 August 2016, with an aggregate capacity of 617,000 teu, have now been sold, returned to their owners or recovered by creditors. This marks the end of Hanjin’s involvement in container shipping, after a 40 year history that begun in 1977. Over the course of a chequered career that mirrored the growth of Korea as a global manufacturing and shipbuilding powerhouse, Hanjin climbed to become the world’s third largest container carrier in 1997, following its acquisition of a controlling share in DSR-Senator.
Hanjin remained a top 10 carrier for most of its history, although it dropped to position number nine in the global carrier rankings in 2016, in the face of cut-throat competition. Hanjin’s sudden departure has left a vacuum in the market and most of its ships were unable to find any gainful employment during the six months period that followed the cessation of regular liner operations. As at 7 March, 48 of the aforementioned 97 ships formerly operated by Hanjin, for a total capacity of 389,300 teu, remain idle.