SEOUL—South Korea's Hanjin Shipping Co. said Monday it plans to close its European operations, in the latest sign that the troubled company is heading toward liquidation.

Hanjin, South Korea's largest shipping company, has applied for court approval to close all 10 of its business operations in Europe, including its regional headquarters in Germany, according to a company spokeswoman.

The company expects to start the process as early as this week after obtaining approval from the Seoul Central District Court, she said.

The decision to shut down its European business is part of a breakup process of Hanjin kicked off earlier this month. A judge had said it would consider selling the company entirely.

Assets from the company's Asia-U. S. route are already up for sale. Separately, the company is in talks with Swiss shipping giant Mediterranean Shipping Co. to sell its stake in the Long Beach Terminal.

Shares of Hanjin fell as much as 14% to a one-month low of 982 won (US$0.865) earlier Monday.

Write to In-Soo Nam at In-Soo.Nam@wsj.com

(END) Dow Jones Newswires

October 23, 2016 23:25 ET (03:25 GMT)