Loss-making Hanjin Shipping has announced that it will merge its business with the shipping and brand management businesses of its parent company Hanjin Shipping Holdings.

Hanjin Shipping Holdings is spinning off its shipping and brand management businesses and allowing Hanjin Shipping to merge with these businesses for a newly established entity. Meanwhile, the remaining businesses of 3PL, Hanjin Ship Management, CyberLogitec and real estate business will stay with the parent firm.

The new business move is expected to be completed by 1 June if approved by shareholders at a meeting on 29 April.

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