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Rump of the Hanjin fleet up for sale pending bankruptcy announcement

Rump of the Hanjin fleet up for sale pending bankruptcy announcement

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Ahead of its likely bankruptcy announcement the rump of the once mighty Hanjin Shipping empire is being sold off.

Lead creditor, the state-run Korea Development Bank has put ten of the line’s last ships on the market. Bids for the two boxships and eight bulkers are due in by February 21.

A court in Seoul is likely to announce the liquidation of Hanjin, once the seventh largest containerline in the world, in nine days’ time.

The bids follow hot on the heels of yesterday’s auction of five 13,100 teu boxships at an auction in Hong Kong. European lenders are understood to have snapped up four of these ships, with lawyers asking for a week’s halt in the sale of the fifth ship. Splash understands all five of these ships – the jewels in the crown of the once great Hanjin fleet – are destined to go on charter to the 2M partners, Maersk and MSC.

In related Hanjin news, the 5,744 teu Hanjin Vienna, moored off the coast of British Columbia since Hanjin went bankrupt has now been put up for sale by its German owners, Reederei NSB.

Another Hanjin-owned ship, the 4,600 teu Hanjin Scarlet, remains off the coast of British Columbia but is understood to now be up for sale too.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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