Hanjin to sell its most-valuable vessels?

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Tuesday, 27 September 2016

Reports in Asia suggest Hanjin Shipping will sell some of its most-valuable ships, with Korea's Hyundai Merchant Marine (HMM) tipped to want five of Hanjin's 13,000-container ships. Hanjin filed for bankruptcy protection in August.

The five ships could sell around US$90 million each, meaning Hyundai might require financial backing from the government and Korea Development Bank (KDB). (HMM will need buying support. It has a US$4.54 billion debt pile and is working on a massive restructuring program. HMM says it is exploring all possibilities and it is too early to comment or to take any action.)

Meranwhile, the Korean government and KDB say they won’t back Hanjin financially except for money to unload some of the half-million containers stranded around the world, mostly going to importers in the US and Europe.

Some 90 per cent of Hanjin containers should be unloaded by the end of October, sources say.