November 22, 2024

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(Hanjin Logistics Corp.)

Hanjin Logistics Corp., an affiliate of Korean airline-to-logistics conglomerate Hanjin Group, said Wednesday that it set up a branch in Singapore as part of its plan to develop a network within the ASEAN member countries.

This branch marks a strategic move to elevate the firm's status in the Asian logistics market, aiming to solidify its foothold in the ASEAN region.

"Since Singapore is a geopolitically critical hub, establishing our branch there is a vital step in boosting our competitiveness in the ASEAN market and positioning ourselves as a leader in Asia's logistics sector," said a company official.

Hanjin has been focusing on building a logistics network in ASEAN since it entered the Cambodian market in 2008, subsequently opening subsidiaries in Vietnam, Indonesia, Myanmar and Thailand.

The company expects the new Singapore branch to generate synergy with its existing Southeast Asian subsidiaries and act as a strategic hub in the ASEAN network.

Hanjin plans to enhance its forwarding business in Singapore by connecting with its network across the US, Europe, China and Southeast Asia to develop shipping volumes. In the e-commerce domain, it intends to partner with local companies to provide customs clearance, delivery and fulfillment services across Singapore and Southeast Asia.

It will also expand its trucking services to provide inland transportation within Singapore and cross-border transport to neighboring countries.

As of 2023, Hanjin operates in 18 countries with 14 subsidiaries and 32 locations. This year, the company plans to expand its global logistics network to 22 countries with 18 subsidiaries and 42 locations, including the new Singapore branch.

By Kim Jun-hong (hongie@heraldcorp.com)