KDB: Ten Hanjin Ships Up for Grabs

zoomIllustration; Image Courtesy: Hanjin Shipping The state-run Korea Development Bank (KDB), the main creditor of the former South Korean shipping giant Hanjin Shipping, has launched sales proceedings for ten Hanjin ships, Yonhap News Agency cited industry sources. The bank has reportedly asked the potential buyers of the ships, which include two container vessels and eight bulk carriers, 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. The latest vessels sale was announced a week after the Seoul Central District Court unveiled that it will end Hanjin Shippings rehabilitation process on February 17. In an effort to collect enough cash to pay back its creditors, the company opted to sell a number of its assets, including its entire Asia to US route network and operations on the routes, a number of containerships, as well as its overseas businesses. In early February, Hanjins 54 percent stake in Total Terminals International (TTI), the operator of two facilities in Long Beach and Seattle, was sold to Swiss-based Mediterranean Shipping Company (MSC) and South Korean Hyundai Merchant Marine (HMM) for a USD 78 million. Undertaken by MSCs subsidiary Terminal Investment Limited (TIL) and HMM, the purchase includes all of Hanjin’s equity and shareholder loans in both TTI and the associated terminal equipment leasing company Hanjin TEC Inc. World Maritime News Staff