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Struggling Hanjin Shipping offloading stake in Vietnamese terminal

Photo of Sam Chambers Sam ChambersJuly 12, 2016
4 Less than a minute

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.

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Photo of Sam Chambers Sam ChambersJuly 12, 2016
4 Less than a minute
Photo of Sam Chambers

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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