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Struggling Hanjin Shipping offloading stake in Vietnamese terminal
Financially troubled Hanjin Shipping is selling its stake in Tan Cang Cai Mep International Terminal (TCIT) in southern Vietnam.
The Korean line has a 21% stake in the terminal priced at around $33m.
TCIT is a joint venture company of Saigon Newport Corporation with Hanjin, Mitsui OSK Lines and Wan Hai as partners. Cai Mep in the Mekong Delta is a huge complex of terminals built in the past 12 years. Almost all the terminals in the area have failed to make money.
Hanjin is going through a tricky restructuring at the moment.