The South Korean company said it has accepted Young's resignation and is seeking a replacement.
Young has been serving as Hanjin Shipping's president and ceo since January 2009, and will remain in the position until the next president and ceo is appointed.
In its first half results, Hanjin Shipping reported a 66.1% reduction in its net loss to KWR115.2bn ($107.9m) compared to KRW339.6bn in the same period a year earlier.