Seoul: Hanjin is to launch a new Singapore-India-US East Coast service next month, in order to increase its presence in the burgeoning Indian market. The Korean shipping group, which already operates an intra-Asia service and an Asia-Europe service calling at Mumbai and Nhava Sheva, estimates a 16% increase in its cargo handling within the area this year.
To cope with increased traffic, the company is to spend close to US$1m and establish a wholly-owned local company named Hanjin Shipping India, which will begin operations in April, 2007. The new company is expected to strengthen Hanjin's foothold in the Indian market, help it to proactively respond to the expanding market in the long term and make logistics operations more efficient.
Hanjin Shipping India will operate its own sales organization with a branch office in Mumbai and sales offices in Delhi and Chennai. The company will retain Confreight Shipping as its sales agent in the Calcutta, Cochin and Tuticorin regions.
Earlier this year Hanjin Shipping established local companies in Bangkok and Colombo. [25/10/06]
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