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Thursday, October 22, 2020

Maritime Logistics Professional

February 8, 2017

Korea Bank Puts 10 Hanjin Vessels Up for Sale

File Image: a Hanjin Boxship underway (CREDIT: Hanjin)

File Image: a Hanjin Boxship underway (CREDIT: Hanjin)

 Korea Development Bank, the main creditor of the dissolved Hanjin Shipping Co. and state-owned entity, has put 10 Hanjin vessels up for sale in order to source back elements of its extended loans, reports Yonhap.

 
According to the sources, potential buyers are required to submit their bids for the ships — two container ships and eight bulk carriers — by Feb. 21.
 
Previously a South Korean court agreed to formally end Hanjin Shipping Co Ltd’s court receivership process after a two week appeal period, ending the business.
 
Therefore any method of rehabilitation for the South Korean shipping company is now over, thus heralding liquidation.
 
Hanjin Shipping returned its ships purchased with bank loans to the respective lender last year as the ocean carrier was put under court receivership in September with heavy debts and mounting losses.
 
Woori Bank and the Export-Import Bank of Korea each sold off four Hanjin ships last year.
 
bank loansBank of KoreaHanjin Shipping Co.