Hanjin eyeing W1tr in global biz sales by 2025

South Korean logistics company Hanjin Transportation Co. said Wednesday it will strengthen its global business to nearly triple the segment's revenue in the next three years.

The company said in a statement it is targeting to boost sales from the global business division to 1 trillion won ($789 million) by 2025 from 375.5 billion won in 2021.

To that end, Hanjin will seek to establish a digital forwarding platform, bolster its cross-border e-commerce through the expansion of its global distribution center at Incheon International Airport, west of Seoul, and develop a global one-click platform.

"The world logistics market is expected to keep growing despite a global economic crisis," a company official said. "Hanjin is targeting to emerge as a smart global logistics solution provider by focusing on further expanding its global network."

Hanjin said its subsidiary in the Americas will ramp up efforts to tap deeper into consumer-to-consumer business in the region after expanding a warehouse in Los Angeles to bolster its business-to-consumer segment.

Its Chinese subsidiary will push to explore and expand new e-commerce logistics services in East Asia.

Last year, Hanjin expanded its branch office in Phnom Penh into a Cambodian subsidiary, and it is planning to convert its Jakarta office into a corporation. In addition, the company is moving to set up a logistics hub centering around Thailand and Singapore.

Hanjin, which currently operates a Uzbek subsidiary and a European unit, said it is planning to launch an office in Poland this year. (Yonhap)