Hanjin Bid Cancelled!


It has been revealed that South Korean shipping company, Korea Line Corporation (part of the SM Group) have recently withdrawn their bid for Hanjin’s stake in the US Long Beach port.

The news of the proposal cancellation was discovered after the firm released their stock exchange filing.

It appears that the decision to pull out from negotiations is a reaction to recent reports that combined bids may be made for the 54% Hanjin stake. PTI covered the rumours that Hyundai Merchant Marine (HMM) were looking to combine with Swiss company MSC, but it has also now been suggested that HMM may alternatively look at the possibility of a joint bid with Korea Line.

The 54% stake that Hanjin have in terminal operator Total Terminals International (TTI), who control two facilities in Long Beach and Seattle, is estimated to be worth around US$ 342.5 million.

The now infamous collapse of Hanjin has meant that numerous assets and containers are available, with the industry vying to take maximum advantage of the bankruptcy. In response to the insolvency, shipping coalition THE Alliance has formulated a “catastrophic instrument” funding mechanism to be immediately implemented if one of its member lines were to fail. The proposals intend to allow fellow alliance lines to take actions to facilitate the movement of cargo carried by the affected party to the intended port of discharge or other locations.

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