Hanjin Shipping to Sell Vietnamese Terminal Stake

Image Courtesy: TCIT

South Korea’s cash-strapped shipping firm Hanjin Shipping decided to sell its stake in the Vietnamese Tan Cang Cai Mep International Terminal (TCIT) as it struggles to raise more money, the company said in a stock exchange filing.

On Tuesday, the shipping firm said that it is selling its stake of over 21 percent in the terminal, raising a total of some KRW 37.7 billion (USD 32.8 million).

TCIT is a joint venture company of Saigon Newport Corporation with three shipping lines including the Japanese Mitsui O. S. K. Lines, Hanjin Shipping, and Taiwan’s Wanhai Shipping.

Last week, Hanjin Shipping started negotiations with local and financial companies in an effort to delay the repayment of its KRW 2.5 trillion (USD 2.16 billion) debt by up to three years.

The company, which is currently under creditor-led restructuring, has been in talks with shipowners on charter rate cuts. Hanjin’s first round of talks with 22 shipowners failed to receive any positive response.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >

TOC Europe

TOC (The Terminal Operations Conference) has long been considered best in class by container terminal operators and their suppliers…

read more >

Marine Philippines 2017

The 4th edition of PHILIPPINES MARINE 2017, SHIPBUILD PHILIPPINES 2017 and OFFSHORE PHILIPPINES 2017 is the only specialized Shipbuilding…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference.

With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and technology solution providers. Get in-depth and detailed market insights from experts who are taking the decisions, assess peer strategies and give shape to your own in this unrivalled gathering of shipping and marine fuel industry leaders.

Key Highlights for 2017:

* 3 Co-located Conferences

* 12+ Hours of Networking Time

* In-depth Review of Shipping Markets by Segment

* Ship Owner Positions on Emissions Compliance Scenarios

* Pricing Differentials and Availability across Different Fuels

* Technology and Analytics in Fuel Management and Emissions MRV

More info

read more >