The board of directors of Hanjin Shipping has decided to split the company in two different units: managing company Hanjin Shipping Holdings Co. Ltd. and operator company Hanjin Shipping Co. Ltd. The former will concentrate on managing the subsidiary companies, while the latter will control the group’s shipping business.

Amid continuing growth and stabilizing container and bulk cargo transportation markets, Hanjin Shipping  has decided to implement modern corporate management strategies which will allow the company to manage the fast-changing business environment and to create a modern corporate structure to provide for stable development, the company press service reports.

“By transforming itself into a holding company, Hanjin Shipping will receive all the necessary instruments which will provide the company with independent operations capabilities and corporate transparency” - the company says.

The corporate structure changes are made in order for Hanjin Shipping subsidiary companies to be able to implement independent strategies and manage their resources independently. “Besides, by splitting the investment and corporate management functions with the main shipping business should assist in achieving efficiency in managing risks” - the company reports.

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Hanjin Shipping Co. is South Korea’s largest shipping line operating 60 services all over the world. The company’s annual cargo turnover reaches some 100 million tones, its fleet consists of 200 vessels.