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Korea Line shareholders veto acquisition of Hanjin Shipping assets

Collected: 2017.01.04

Distributed: 2017.01.05

Source: Go Direct

Shareholders of South Korean bulk carrier Korea Line Corp. shot down the corporate plan to assume key assets of bankrupt Hanjin Shipping Co. that used to be the country’s biggest shipper to expand to container business starting March.

In the shareholders’ meeting on Tuesday voting on bidding Korea Line, the bulk carrier under Samra Midas (SM) Group, for Asia-U.S. route and other sellable assets of Hanjin Shipping the company won from the bankruptcy court, only 1.8 percent threw vote of approval to the plan.

Shareholders opposed to the plan of the bulk carrier entering container business at a time when outlook on global shipping industry remains murky. They worried liquidity strain if the company expands at such uncertain period.

SM Group plans to go ahead with the acquisition by creating a special purpose vehicle and pool funds from group units to complete the purchase and then set up new container operator.

By Kim Jung-hwan

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