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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Hanjin to sell its most-valuable vessels

Wednesday, September 28, 2016 > 09:16:17
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(AirCargo Asia-Pacific)

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.


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