Terminal Buyout to Salvage Hanjin?

Twitter
Facebook
LinkedIn
Email
long_beach_terminal_buyout_to_salvage_hanjin_mini_1280_800_84_s_c1

In a bid to recover from a liquidity deficit, Hanjin Shipping is currently mulling the sale of its terminal at the Port of Long Beach for more than US$90 million, according to The Korea Times.

The shipping company is reportedly looking to sell the terminal to Hanjin Group in order to help it stay afloat in a market beleaguered by low freight rates and a low oil price.

An unnamed creditor group official said: “I don't think Hanjin Group has the financial room to reach the total of 700 billion won [US$639.5 million] to help the shipper. It is very likely that the shipper will enter receivership.”

This news was announced around the time when Hanjin Shipping was given a year to raise more than US$1 billion in finance in order to avoid bankruptcy.

This followed reports that the company was being pressured by its creditors to raise more cash in order to address a cash shortage at the company.

Daily Email Newsletter

Sign up to our daily email newsletter to receive the latest news from Port Technology International.
FREE

Supplier Directory

Find out how to get listed

Webinar Series

Find out how to attend

Latest Stories

Registration is now open for the FREE AI – PRIORI DataPX1 Webinar on Thursday 6th October at 14:00 (BST).

– Create Custom views of what is important to you across Business Roles

– Empower everyone to be data driven

– Amplify the value of data across your enterprise

Cookie Policy. This website uses cookies to ensure you get the best experience on our website.