Korea Line will pay $31.4m for Hanjin transpacific assets

The global container shipping industry now has a new player: Korea Line has signed to buy Hanjin’s transpacific assets for $31.4m. The deal will see some 574 employees transferred to Korea Line to manage the operation of seven international subsidiaries and some logistics operations in the US, China and Vietnam, and a fleet of five panamax vessels. The deal is scheduled for completion on 5 January, although given its vastly reduced scale, how Korea Line expects to meaningfully compete on the transpacific, where three alliances will control more than 90% of capacity next April is anyone’s guess.