Hanjin Shipping expands in Indian market

Hanjin Shipping announced that is is boosting aggressive investment into the India maritime market.

Hanjin Shipping believes the market has continued growing to an economic power. The Korean carrier took over 14 local distributors and is operating them directly.

This is differentiated from utilizing distributors like other Korean distinguished carriers, such as HMM or STX PanOcean.

The Indian corporation operated by Hanjin Shipping had maintained its position in the lower ranks among the local subsidiaries in the South-East Asian and South-West Asian markets. The branch, however, has recorded 8~9% growth as of late, and over the years has finally jumped into second place in the market.

Meanwhile the company will found another corporation in Mumbai on January 1, 2013. The branch is based on the 3PL part of an existing Indian corporation.

The 3PL business for Hanjin Shipping in the Indian market has recorded revenue of USD 9 million in 2011 and USD 14 million (estimated) in 2012.

Especially, Choi Eun-yeong, Chairwoman and CEO, established India as a target area of interest in early 2012. She showed an interest about the extraordinary outcome in India at the Management Strategies Council held in January.

Mr. Choi Uk-hwang, the head of department of Hanjin Shipping's Indian subsidiary, said, "It has been twenty years since Hanjin Shipping has advanced into the Indian market. It was a very hard time in the beginning stages, but we got over the hump and now we're going into the take-off stage." < 김보람 기자 brkim@ksg.co.kr >