The former South Korean shipping giant, the name Hanjin will disappear from the annals of container shipping as the last Hanjin ship, the 5,302teu Hanjin Rome, was sold on March 1, according to Alphaliner.

The container vessel had been under arrest since August 29. Following the sale by the Singapore Supreme Court, Hanjin Rome departed Singapore on March 2 and is currently on its way to Chittagong for scrapping.

All of the 97 containerships, with an aggregate capacity of 617,000 TEU, that were operated by Hanjin Shipping at the time of its filing for receivership on August 31, 2016, have now been sold, returned to their owners or recovered by creditors, Alphaliner informed.

With the latest sale, Hanjin's involvement in container shipping has come to an end after a 40 year history that begun in 1977.

"Hanjin's sudden departure has left a vacuum in the market and most of its ships were unable to find any gainful employment during the six months period that followed the cessation of regular liner operations," Alphaliner said.

As at March 7, 48 vessels featuring a total capacity of 389,300 TEU, of the 97 ships formerly operated by Hanjin, remain idle.