Hanjin Shipping and MSC are in talks to transfer the jointly-owned Total Terminal International LLC, which operates the Long Beach Terminal, to the full ownership of MSC, reported Reuters.
The Seoul court overseeing the receivership of Hanjin has appointed a third-party adviser to oversee the talks between the two shipping giants.
Hanjin currently owns a majority 54% stake in Total Terminal International, with MSC owning the remaining 46%.
News of the potential sales comes after Hyundai Merchant Marine also announced it was considering bidding for the US-Asia assets of Hanjin.
Each sale is aimed at recovering some of the $5.4 billion debt Hanjin owed to its creditors at the time of filing for receivership on August, 31, 2016.