Five Hanjin Bulkers Sold for USD 125 Mn

zoomIllustration; Image Courtesy: Hanjin Shipping Five bulk carriers, owned by the former South Korean shipping giant Hanjin Shipping, have been sold to multiple shipowners for a total of around USD 125 million, according to data provided by VesselsValue. Namely, Hanjins Panamax bulk carrier duo, Hanjin Port Kamsar and Hanjin Hadong, were purchased by South Korean shipping firm Pan Ocean. Featuring 82,200 dwt, the 2012-built bulkers, which were disposed of en bloc, fetched USD 21 million each, slightly over their current market value of around USD 19.7 million, VesselsValue data shows. Subsequently, Pan Ocean informed via its website that it submitted a request for a trading halt pending release of an announcement. The shipping firm did not disclose whether the announcement, dated March 16, is related to the acquisition of the Hanjin bulkers. The remaining three Hanjin Capesize ships, Hanjin Rizhao, Hanjin Dangjin and Hanjin Esperance were sold on March 15. South Korea-based Korea Line bought the 2010-built Hanjin Rizhao and Hanjin Dangjin en bloc for a price of USD 26.5 million a piece. Featuring 179,200 dwt, the bulk carriers were built by Hyundai Samho Heavy. The final Capesize from the batch, the 2012-built Hanjin Esperance, was purchased by US-based JP Morgan Global Maritime for USD 29.5 million. The bulker was constructed by Hyundai Heavy Industries. In early February 2017, the state-run Korea Development Bank (KDB), Hanjins main creditor, reportedly launched sales proceedings for ten Hanjin ships, including two container vessels and eight bulk carriers. At the time, Yonhap News Agency cited undisclosed industry sources as saying that the bank asked the potential buyers of the ships to submit their bids by February 21. After the financially troubled shipping firm filed for court receivership in late August 2016, the company returned all ships bought with bank loans to its lenders. Hanjin Shipping was officially declared bankrupt by the Seoul Central District Court on February 17, ending the companys 40-year business. World Maritime News Staff