Financially challenged Hanjin Shipping Co. has announced plans to close two loss-making container shipping lines within the first half of 2014.

Hanjin intended to discontinue its container shipping line service linking Asia and the Black Sea (ABS) in February and its New Trans-Atlantic (NTA) service between the U.S. east coast and northern Europe in May. Other members of the CKYH alliance, Cosco, “K” Line and Yang Ming, will continue their services on the NTA line. As part of efforts to survive the credit crunch, Hanjin is pushing ahead with the sale of its bulk vessel business division and its stakes in terminals.