The French shipping company, which acquired Neptune Orient Lines and its APL subsidiary earlier this year, is seeking a buyer for the APL container terminals.
Richard G. Phillips will remain chief executive officer of Pilot Freight Services, and his family “will maintain a significant equity stake” in the company.
The freight broker and third-party logistics provider also said Wednesday it has completed the integration of truckload-oriented freight broker Command Transportation, LLC, which it acquired in June 2015 for $420 million.
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The total bill for bankruptcies and bailouts in South Korea’s ocean freight transportation and shipbuilding sector could also result in redundancies and layoffs of around 10,000 workers, according to a recent report from the International Monetary Fund.
Hanjin opposed Ashley Furniture’s motion for a freeze on the amounts it owes the carrier, along with a reduction in the amounts owed, saying in a court filing that if the motion was granted, its ability to reorganize would have been severely jeopardized.
Ocean carriers Maersk Line, CMA CGM and Hapag-Lloyd have issued freight rate increases.