Latest news from Heavy Lift & Project Forwarding International Magazine

Curtain falls on Hanjin Shipping

February 17 - Hanjin Shipping has been declared bankrupt by the Seoul Central District Court earlier today, after suffering from rising debt amid a slowdown in the global shipping market.

The decision marks the end of the road for the world's former seventh largest shipping line, which had a fleet of 97 container ships and 44 bulk carriers.

In September 2016, shipping consultancy VesselsValue estimated that Hanjin's 63 own vessels were worth USD1.7 billion.

Since it filed for court protection in August last year, it has sold some of those ships to the likes of HSH Nordbank, KMTC, the Seaspan Corporation, Capital Maritime and Trading, Chartworld Shipping and Golden Union.

It has also sold its shares in USA-based Total Terminals International (TTI), the operator of facilities in Long Beach and Seattle.

But the greater part of the fleet has still to be sold and HLPFI understands that a bankruptcy trustee will now be appointed to manage the sale of Hanjin Shipping's remaining assets to help pay off some of the company's debts to creditors.

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