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Hanjin Shipping to sell stake in U.S port to Mediterranean Shipping

Collected: 2016.12.21

Distributed: 2016.12.22

Source: Go Direct

South Korea’s bankrupt Hanjin Shipping Co. has agreed to sell its full stake in Long Beach Terminal in California, U.S., which is one of its lucrative assets, to Switzerland-based Mediterranean Shipping Company S.A., according to the Korean court handling the restructuring of once the country’s largest container carrier on Tuesday.

Seoul Central District Court said it on Tuesday approved Hanjin Shipping’s plan to sell its stake in Long Beach Terminal to Terminal Investment Limited, a subsidiary of Mediterranean Shipping Company on the condition that a U.S. Bankruptcy Court and the U.S. port authority endorse the deal. The shipper is also required to get consent from the terminal’s other creditors for the deal. The contract will become effective as soon as Hanjin Shipping gains approvals from the three parties including U.S. court.

The sale value was not disclosed but a court official who asked to be unnamed said the figure will likely be announced when the sale becomes effective. Market experts have been estimating Hanjin Shipping’s 54 percent stake in the Long Beach Terminal would cost about 400 billion won ($335.2 million).

Hanjin Shipping, once the world’s seventh largest shipper, went under court receivership late August and has been selling off its assets. The operating rights of Hanjin Shipping`s Asia-U.S. shipping route that was also placed up for sale was sold to Korea Line Corp., a bulk carrier owned by Korean conglomerate Samra Midas Group, and the acquisition process is expected to be completed next month.

The Seoul bankruptcy court is expected to start liquidating Hanjin Shipping as soon as the shipper’s asset sales are completed.

By Kim Jung-hwan

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