Hanjin Shipping says it is “reviewing” the sale of its 22.2% stake in H-Line, which it hopes could raise up to KRW150bn ($139.4m).
Hanjin said on October 2 it may sell its stake in H-Line to boost its liquidity, which has become more urgent in recent months after it failed to sell its Spanish box terminal in Algericas.
In a response to a query from the Korea stock exchange, Hanjin stated today it is “reviewing” its stake in H-Line Shipping as part of its financial restructuring plan, but has not made any plans so far. Specific details will be published within the next three months, Hanjin added.
In 2014, Hanjin divested its LNG and dry bulk businesses, which were consolidated into H-Line Shipping. Private equity firm Hahn & Company owns the other 77.8% stake.
H-Line operates a fleet of 29 bulk carriers, most of which are capesizes. The fleet is employed on long-term charters to POSCO (15 vessels), KEPCO (11) and Glovis (three). H-Line’s LNG fleet consists of seven large LNG carriers, which are all on charter to KOGAS, according to the company’s website.