Feb 4, 2009
Hanjin to scuttle Senator
Yonhap News Agency is reporting that Hanjin Shipping is to liquidate its 80 percent owned German unit, Senator Lines GmbH.
Senator decided to stop services due to the slumping shipping market and the global economic recession, Yonhap reports Hanjin as saying.
Senator Linie was founded in 1987 by Karl-Heinz Sager, who had the innovative vision of a 14-day round-the-world container service. Hanjin became the main share holder 1n 1997. Today Senator's two main routes are Asia--Mediterranean and Asia-- Northern Europe.
According to European reports, Senator Lines is still accepting cargo and will continue operating until the end of February. It promises it will deliver all containers to their destination.
Hanjin is to gradually take over all Senator LinesŐ services and slots.