Hanjin Shipping Co, South Korea's shipping line, will liquidate German unit Senator Lines GmbH as container freight rates collapse amid the global recession.
Hanjin will take over Senator's operations, it said in a statement yesterday. There was no mention of what will happen to staff at the unit.
Seoul-based Hanjin's fourth-quarter operating profit tumbled 39 per cent as the housing market collapse in the US and Europe stymied demand for shipments of Asian-made goods.