South Korea’s Hanjin Shipping is to divide into two separate entities, the company has announced.
Hanjin Shipping will be an operating company and the holding company will be called Hanjin Shipping Holdings.
Hanjin Shipping Holdings will focus on managing subsidiaries while Hanjin Shipping Company will run the shipping business.
“The transformation into a holding company will accommodate Hanjin Shipping with the tools necessary to ensure an independent business operation and corporate transparency,” a company statement said.
Hanjin Shipping operates 60 liner and tramp services worldwide moving nearly 100 million tons of cargo a year with a fleet of 200 container ships, bulkers and LNG carriers.