Hanjin Sells Two Boxships for Scrap

Financially troubled South Korean shipping company Hanjin Shipping has sold two container ships for demolition, VesselsValue data shows.

The vessels in question are the 5,302 TEU Post-Panamax boxship Hanjin Paris and the 4,024 TEU Panamax vessel Hanjin Los Angeles.

The 62,800 dwt (deadweight ton) Hanjin Los Angeles and the 67,300 dwt Hanjin Paris were sold for USD 294/LTD (light displacement) and USD 289/LDT, respectively.

Hanjin Shipping sold the Hanjin Los Angeles to an unnamed buyer in Singapore, while the location of the second buyer was not revealed.

Both ships were built by South Korean shipbuilder Hanjin Heavy Industries in 1997.

Market value of the Hanjin Los Angeles stands at USD 5.86 million and of the Hanjin Paris at USD 7.98 million.

The company succumbed to the prolonged depression in the shipping market and filed for court receivership in late August after its creditors, led by Korean Development Bank (KDB), said they would not provide additional financial support to Hanjin starting from September 4, 2016.

Hanjin is now seeking to sell its assets to repay debt which amounted to KRW 6 billion at the end of June 2016.

World Maritime News Staff

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