Hanjin to Shut Down European Operations Following a prolonged slump in the shipping market, Hanjin Shipping, a
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Hanjin to Shut Down European Operations Following a prolonged slump in the shipping market, Hanjin Shipping, a South Korean logistics and container transport firm, scaled down its operations by shutting four of its units in Europe (Germany, Poland, Spain, and Hungary).
The company abandoned around 100 container ships across the world, with liquidation procedures set to follow.
a. Did Hanjin Shipping make a shutdown or exit decision in the shipping market?
b. Under what conditions will this decision minimize Hanjin’s economic loss?
c. How might Hanjin’s decision affect the economic profit of other shipping companies?
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