Hanjin in Massive Busan Terminal Sale


South Korean carrier Hanjin Shipping is looking at selling its stake in its Busan Terminal where it hopes to raise more than US$130 million, according to IHS Maritime 360.

The revelation comes just after Hanjin Shipping announced recently that it is looking to sell its 22.2% stake in H-Line Shipping, that would effectively end its association with dry bulk and LNG shipping developments.

Hanjin Shipping’s need to secure more funding has been instigated by the fact that it has been unable to sell its stake in its container terminal in Algeciras, Spain.

Two consecutive annual losses saw Hanjin walk into financial difficulties in late 2013.

Its affiliate Korean Air took control of the company through a capital injection that surpassed $355 million, with Korean Air’s boss joining Hanjin Shipping as CEO.

Despite financial loss, the shipping line posted a near hundred million dollar profit in Q2, 2015 as a result of lower bunker fuel prices.

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