October 14, 2016

South Korea’s container carrier Hanjin Shipping could sell its entire Asia to US route network, as well as some of its other major businesses, according to Reuters.

Assets which are currently on sale include the company’s operations on the routes, such as manpower systems, five container ships, and ten overseas businesses, a spokesman for the Seoul Central District Court told Reuters.

The shipper received approval for the sale of its assets in order to pay back creditors, who now have until October 25 to make claims.

The sale comes on the back of the company’s move to file for court receivership in late August, due to the prolonged depression in the shipping market.

Hanjin’s filing resulted in parts of its fleet having been stranded at sea as some ports refused to unload the cargo out of concern that they will not be paid for their services.

Earlier reports suggested that cash held by the company, coupled with commitments from its leading shareholder, the leading creditor, and the parent group’s CEO, should be enough to cover the costs of unloading cargo from Hanjin’s container ships stranded offshore.

Some 97 of Hanjin’s container ships, carrying cargo worth around USD 14 billion, were left stranded across the globe and unable to load or offload containers.

World Maritime News Staff