Hanjin Shipping's 200 vessels visit ports of call all over the world. Most of the company's revenue comes from its container shipping operations, which include service on trans-Pacific, Europe and Atlantic, and inter-Asia and Australia routes. Along with containerships, Hanjin Shipping's fleet includes bulk carriers, both for dry cargo such as coal, grain, and iron ore and for liquid cargo such as crude oil and petroleum products, and LNG (liquefied natural gas) carriers. The company also provides logistics and terminal management services. In early 2009, Hanjin Shipping was forced to liquidate its Germany-based container carrier Senator Lines due to the slumping economy.
Before Senator Lines was shut down, Hanjin Shipping moved in 2008 to reduce capacity on some routes, including service between Asia and the US, in response to a slowdown in demand for container transportation in the wake of the global economic downturn. At the same time, the company hopes to gain revenue by investing in its bulk carrier fleet and its logistics operations.
Hanjin and its partners in the CKYH Alliance (made up of Hanjin, K Line, Yang Ming Marine, and COSCO) agreed in November 2009 to implement "super-slow steaming" on some routes to cut fuel costs and curb carbon emissions. Benefits of slow steaming, which reduces speed down to 14 knots, are estimated at $1 million in fuel savings annually and a reduction of 10,000 tons of carbon dioxide emissions. – less
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