The bid by Hyundai Marine Merchant Co. for Hanjin Shipping assets was beaten by Korea Line Corp, South Korea’s second-largest bulk carrier, reported Bloomberg
The sale of the Asia-US business by the now bankrupt Hanjin will be finalised on November 21, 2016; Korea Line is reported to have offered more ‘favourable terms’ and therefore beat the industry giant.
This sale is the first of Hanjin assets, which begin the process of liquidation for the company, which filed for court receivership on August 31, 2016; Korea Line is also opening its first container-shipping service with the purchased services.
Korea Line was also in a tough financial position not too long ago, with it only leaving bankruptcy protection in late 2013. However the company is now expanding.
There is a prediction amongst many experts that the shipping industry will struggle under the presidency of newly elected Donald Trump, as he has announced plans to dismantle trade agreements such as TPP.
The shipping market, in spite of this, has seen a jump in the first week of his election; at the end of trading on Thursday November 11, 2016 the Dow Jones US Marine Transportation Index showed a 6.54% rise since the first bell after the president-elect, Donald Trump, had been announced