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10 Hanjin Shipping vessels up for sale

All News 11:05 February 08, 2017

SEOUL, Feb. 8 (Yonhap) -- The state-run Korea Development Bank, the main creditor of the near bankrupt Hanjin Shipping Co., has put 10 vessels of the shipping line up for sale, to retrieve part of its extended loans, industry sources said Wednesday.

According to the sources, potential buyers are required to submit their bids for the ships -- two container ships and eight bulk carriers -- by Feb. 21.

Hanjin Shipping returned its ships purchased with bank loans to the respective lender last year as the ocean carrier was put under court receivership in September with heavy debts and mounting losses.

Woori Bank and the Export-Import Bank of Korea each sold off four Hanjin ships last year.

Earlier this month, a local court decided to announce the liquidation for the cash-strapped shipping firm on Feb. 17.

Hanjin Shipping, once the world's seventh-largest ocean carrier, and local shippers have been under financial strain due to falling freight rates stemming from an oversupply of ships and a protracted slump in the global economy.

10 Hanjin Shipping vessels up for sale - 1


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