Hanjin Shipping to Delist on March 7
South Korea’s former shipping giant Hanjin Shipping is scheduled to be delisted from the local bourse on March 7, Yonhap News Agency said citing industry sources.
According to MANA, although its net profit in 2010 stood at KRW 289 billion, Hanjin Shipping plunged to a net loss of KRW 824 billion a year later, mainly driven by an increased competition in the shipbuilding sector and a depression in the global shipping industry.
The shipping company’s 40-year business officially ended on February 17 when the Seoul Central District Court declared Hanjin Shipping bankrupt, some six months after it filed for court receivership.
The company’s total assets were valued at KRW 4.34 trillion while shareholder’s equity showed a deficit of KRW 2.35 trillion, Alphaliner informed.