Around 30% of Hanjin’s staff are stationed abroad and the company has cut business travel by 20%, as well as downsizing the office space of 26 overseas offices by up to 45% since 2014.
As the business climate of container shipping continues to be challenging, Hanjin will concentrate on cost cutting, and plans to downsize the office space of another 32 overseas offices.
A Hanjin spokesman told IHS Fairplay that these moves are in addition to the company's plan to sell assets to raise KRW411 billion (USD400 million). These plans were announced on 26 April.
At a company-wide staff meeting on 2 May, Seok said, “When trust is broken, everything falls apart. We will do all we can to keep the faith in Hanjin Shipping.
“Our survival is based on cargo owners, alliance partners, trade partners, and stevedoring companies, and through our actions, we keep faith in our recovery. Do not think of doing less than everything we can.”