Freight News, Sea

Hanjin liquidation looms

[ February 15, 2017   //   ]

The Seoul Central District Court said on 9 February said it would declare Hanjin bankrupt on 17 February leading to the shipping company’s liquidation. The assets of Hanjin, once the world’s seventh largest container line, will be auctioned off to help pay off its debts.

Analysts said that two containerships are currently listed for sale out of a total of 29 listed but it expected the others to go following the liquidation.

Meanwhile, researchers Panjiva have reported that while the remaining South Korean liner operator, Hyundai Merchant Marine has been negotiating for the former Hanjin business with US retailer Walmart’s business, its data shows the 18% of shipments handled by Hanjin Shipping for Walmart in the three months to July appeared to have been won by MSC. The latter’s share increased to 23% in the quarter to 31 January from 11% in July 2016.


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