Hanjin Shipping prepares asset sales to keep afloat

Hanjin Shipping prepares asset sales to keep afloat

Hanjin Shipping, South Korea’s top carrier, is in discussions to sell more assets as it fights the downturn, according to the nation’s top newswire, Yonhap.

Hanjin Shipping is looking at selling its office in the east of London as well as selling 12.8m treasury shares, Yonhap reported. Its overseas terminals could also be offloaded.
The company must pay off or refinance KRW500bn ($406m) worth of debts set to mature in the first half of this year.

Hanjin joins fellow Korean line Hyundai Merchant Marine (HMM) in looking at fire sales to stave off severe financial difficulties. The pair have repeatedly denied rumours that they may merge.

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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