Hanjin Shipping is looking to sever its non-container links to raise much needed cash. South Korea’s top containerline is looking at selling its stake in H-Line Shipping, the LNG and bulker vehicle it sold off in 2014.
H-Line Shipping, which is held 22.2% by Hanjin Shipping and 77.8% by private equity firm Hahn & Company, has seven LNG carriers and 29 bulkers. Hanjin Shipping is looking to book up to KRW150bn ($140m) from the sale of its stake in H-Line. The details of the sale are likely to be known in the next month.
Hanjin Shipping’s quest for more liquidity has stepped up in recent months after it failed to sell its Spanish box terminal in Algericas.