Prior to filing for bankruptcy in 2016, Hanjin Shipping was the world’s seventh-largest container shipping company worldwide and number one in Korea, with a fleet of 98 container vessels. Founded in South Korea in 1949, Hanjin was present in 60 countries with approximately 6,000 employees. Hanjin joined THE Alliance when that vessel-sharing agreement entered force in 2017.
Hanjin Shipping filed for bankruptcy protection Aug. 31, 2016, after months of trying to raise liquidity and restructure its debt, triggering a mad scramble by shippers to locate and gain control of their containers. Hanjin vessels were arrested and ports refused to work Hanjin ships for fear they would not be compensated. Hanjin Shipping's collapse is by far the largest container shipping bankruptcy in history and the consequences had serious implications throughout international supply chains and the transportation sector.