Hanjin to set up new company in Shanghai

Hanjin Shipping is advancing into the Chinese logistics market and setting up a corporation in Shanghai.

According to Hanjin Shipping on August 5, it will establish Hanjin Logistics (Shanghai) in Shanghai next month; the new corporation will take charge of all their logistics business in China.

The initial capital for the new company is earmarked at 5 million dollars. It will cover business related to warehousing, depositing, shipping, land carriage, air freight and other transportation issues between China and the U.S.

An insider from Hanjin Shipping said, "We focused our efforts on ocean shipping in the domestic market but Hanjin Logistics will do everything for warehousing, depositing, aviation as well as ocean shipping."

Hanjin Shipping will create other offices in China in important cities like Tianjin and Qingdao.