Hanjin Shipping Moves Forward with Sale of London Office

South Korean shipping company Hanjin Shipping has agreed the sale of its office building in London as it fights to resolve its tough financial situation, the company said in a stock filing.

The assets are being sold for a price tag of KRW 66.7 billion (USD 57.2 million) to an undisclosed UK-based real estate investment company, as Hanjin aims to ensure financial liquidity.

The proceeds from the sale would contribute to refinancing the company’s outstanding debt of USD 406 million which is due in the first half of the year.

Hanjin Shipping said it expects the sale to be finalized by April 16.

Besides the London office building, Hanjin Shipping is looking to dispose of certain overseas terminals as well as treasury stocks in an effort to deal with the current depression in the shipping industry.

Although the company managed to return to profit in 2015 after cutting a number of its costs, Hanjin Shipping opted for additional measures as the freight rates are expected to resume already reached record lows in 2016.

World Maritime News Staff

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