South Korea's bankrupt Hanjin Shipping is in the process of winding up its operations in Singapore. This move is likely to affect about 100 employees in the country and if reports are to be believed the fallout has already begun for a number of the firm's staff.
Going by online search, Hanjin had two offices in Singapore, including one in the Anson House office and the other is PSA Building in Alexandra Road. According to The Straits Times report, a part of Hanjin's office at PSA Building appeared shut last week, although another section remained open.
An employee, who declined to be named, told The Straits Times that the still-operating part of the office is due to close by the end of this month.
Last month, a Seoul court declared the company went bankrupt and ordered its assets to be liquidated. It is by far the biggest collapse in the container shipping industry. Hanjin, which was once the largest shipping line in South Korea and the seventh-biggest in the world, the largest shipping line in South Korea and the seventh-biggest in the world.
Andy Lane, partner at shipping consulting company CTI Consultancy, said that Hanjin had no revenue in recent months. Hence, it would have needed to eliminate all costs so most of Hanjin's staff in Singapore would have been gone by the end of last year.
Lane added that the company is now "winding-down formalities" and administrative tasks. According to a list of sold vessels on the Supreme Court website, a cargo vessel named Hanjin Rome that was previously owned by Hanjin was sold in a sheriff's sale on last Wednesday. VesselsValue, a ship valuation firm, said the vessel is valued at its demolition value of $8.03 million.
